Peru: Investment Opportunities Newsletter | October 2025

José Jerí Sworn in as new president and appoints New Cabinet

On October 10, 2025, the Congress of the Republic of Peru voted unanimously to remove President Dina Boluarte from office for “permanent moral incapacity” under Article 113 of the Constitution of Peru.

Following the vote, Congress President José Jerí was sworn in as President of the Republic, in accordance with Article 115 of the Constitution. He will serve as interim president until July 28, 2026, when a newly elected president is scheduled to take office.

The date for the next presidential election remains unchanged: April 12, 2026.

Jerí appointed a new cabinet to lead the transitional government:

• Ernesto Álvarez Miranda was sworn in as Prime Minister. He is a lawyer and previously presided over Peru’s Constitutional Court and has held leadership roles in legal and academic institutions.
• Denisse Miralles was sworn in as Minister of Economy and Finance. She is an economist and is currently also serving as Director of Decentralized Investments at ProInversion.
• Luis Enrique Bravo de la Cruz was sworn in as Minister of Energy and Mines on October 14. He is an electrical engineer with over 20 years of experience in Peru’s energy sector and previously served as Technical Manager at a state-owned enterprise and as a senior advisor at the Ministry of Energy and Mines.
• Aldo Martín Prieto Barrera was appointed as Minister of Transport and Communications. He previously worked as a financial supervisor at Peruvian Regulatory Agency in Transportation and has held consulting roles in the Ministries of Energy and Mines, Development and Social Inclusion, Housing, and with the International Finance Corporation.

Additionally, the government appointed Luis Natal del Carpio Castro as the new Executive Director of ProInversion. He brings over 20 years of experience in structuring public-private infrastructure projects and previously served as Chairman of the Board of FONAFE. Within ProInversion, he also led the Special Projects Directorate, managing a portfolio across key sectors such as transport, health, and mining.

Peru enacts new PPP Law

On September 16, 2025, Peru enacted Law No. 32441, repealing Legislative Decree No. 1362 and establishing a new framework for Public-Private Partnerships (PPPs) and Projects in Assets. This marks the first major reform to the PPP regime since 2015 and aims to revitalize private investment and address critical infrastructure gaps.

Below are key highlights of the new law:

• Expanded role of ProInversion: ProInversion becomes the responsible entity for PPP projects across all levels of government, including contracts signed within 12 months prior to the law’s promulgation, provided the total investment exceeds USD 126 million. This transfer of authority will be executed through administrative actions, without requiring contractual amendments.
  However, this provision will not apply to the electricity sector. In this case, the Ministry of Energy and Mines will continue as the granting authority for transmission agreements developed under the PPP framework.
• Clarified and limited MEF oversight: The Ministry of Economy and Finance (MEF) retains its role as the governing body of the National System for the Promotion of Private Investment but is now limited to issuing binding opinions on four specific areas: budgetary capacity, contingent and firm commitments, guarantees, and economic-financial equilibrium. For projects managed by ProInversión, MEF’s binding opinion applies only to those exceeding USD 158 million, based on the equivalent value of 100,000 Tax Units (UITs).
• Stronger legal certainty against audit overreach: The law restricts the sanctioning powers of the Office of the Comptroller General (CGR) to budget execution and public debt operations. Audit reports may only assign criminal responsibility when clear evidence of wrongdoing and economic damage exists. Judicial and arbitral decisions cannot automatically trigger functional liability, reinforcing legal certainty for investors.
• Flexible rules for contract modifications: The law streamlines the process for contractual amendments, allowing changes when unforeseen events impact service provision. Additional investments that enhance a project’s economic or social value can now be included, with evaluations required within six months.
• Continuity mechanisms at contract expiration: Public entities must assess renewal or replacement options at least three years before a contract’s expiration. Upon expiry, entities may assume provisional control of the project for up to three years to ensure uninterrupted service delivery.

The law will come into force the day after the publication of its regulations. This reform is expected to strengthen Peru’s PPP framework, enhance investor confidence, and accelerate infrastructure development nationwide..

Peru Enacts Law No. 32449: A New Era for Private Special Economic Zones

On September 26, Peru enacted Law No. 32449, which establishes a specialized tax and customs framework for Private Special Economic Zones (ZEEP) in Peru, designed to attract private capital, drive industrial innovation, and stimulate high-value exports. These zones are operated by authorized private entities and strategically located to enhance regional competitiveness.

The regime offers a 25-year progressive income tax schedule (starting at 0% and reaching 15%), targeted exemptions from VAT and excise taxes, accelerated depreciation of assets, and simplified procedures for importing inputs and exporting goods. Entry into the regime requires substantial investment and strict compliance with operational standards. Compared to traditional public-managed zones, ZEEPs offer a more agile and innovative-focused model, with reinforced regulatory oversight.

ZEEPs serve as a strategic lever to reposition Peru within the global investment landscape, enabling industrial transformation, strengthening supply chains, and fostering inclusive regional growth.

ProInversion to Promote New Port Terminals in Loreto through a PPP

ProInversion announced that it will incorporate the New Port Terminals of Loreto into its investment promotion process under a co-financed PPP model. The project aims to modernize and expand port infrastructure in the Loreto region to support long-distance cargo and vessel services.

ProInversion has yet to define the economic, legal, environmental, land, and risk frameworks, and prepare the concession contract for an international public bid scheduled for the second semester of 2026.

The project includes the development of two terminals: the Sinchicuy Port Terminal and the Saramiriza Port Terminal, located in the provinces of Maynas and Datem del Marañón, respectively. The terminals will feature storage areas, cargo docks, operational zones, and specialized equipment to handle long-distance vessels.

According to ProInversion, the project will require an estimated investment of USD 181 million.

Current public projects

Transportation

Bids in process

Choquequirao cable car: The Peruvian government has called for a public bid to award the Choquequirao cable car project as a PPP. The project aims to improve the access infrastructure to the Choquequirao Archaeological Monument from Cusco and Apurimac. The government expects to award this project in the second quarter of 2026.

The awardee will be responsible for designing, constructing, financing, operating and maintaining a cable and bus transportation system to ensure access and comfort for visitors.

According to ProInversion, the project will require an investment of USD 363.25 million.

Potential projects

Lima-Ica commuter rail (Tren de Cercanías): Private parties had until May 2019 to present cofinanced unsolicited proposals for executing this commuter rail, which will connect Lima city to the Ica region. China Railway was the only company to submit a proposal, but it failed to satisfy ProInversion's requirements. 

Consequently, the Peruvian government decided to tender this project as a cofinanced PPP. For this purpose, a pre-investment study was conducted and should have been ready by the end of 2020. However, more time was needed to complete the study due to the COVID-19 pandemic and the consequent nationwide suspension of activities ordered by the Peruvian government.

This 324-kilometer commuter train line will include the supply of cutting-edge rolling stock for providing cargo and passenger transportation services. It aims to connect the following infrastructures:

• Basic Lima and Callao metro networks
• Logistics platforms
• Port terminals in El Callao
• The port terminal of San Martin-Pisco

According to the Ministry of Transportation and Communications, this commuter train line will require an investment of more than USD 3.2 billion. ProInversion will call for a public bid by 2026.

Eight countries have submitted technical proposals for the creation of the Project Management Office (PMO), the entity in charge of promoting the execution of this important railway project: Germany, Canada, South Korea, Spain, France, India, Japan and the United Kingdom.

Electricity

Awarded

Four transmission projects — third group: ProInversion announced the lifting of the suspension of the public bid to grant a concession to design, finance, construct, operate and maintain the following projects:

The concessionaire will oversee the design, construction, operation and maintenance of the projects.

Potential projects

Package 1 – Transmission Plan 2025-2024: ProInversion will call for a public bid to grant the following transmission projects, which are part of the 2025-2034 Transmission Plan.

Package 2 – Transmission Plan 2025-2024: ProInversion will call for a public bid to grant the following transmission projects, which are part of the 2025-2034 Transmission Plan.

Package 3 – Transmission Plan 2025-2024: ProInversion will call for a public bid to grant the following transmission projects, which are part of the 2025-2034 Transmission Plan.

Package 4 – Transmission Plan 2025-2024: ProInversion will call for a public bid to grant the following transmission projects, which are part of the 2025-2034 Transmission Plan.

Sanitation

Bids in process

Sewage treatment system for Cajamarca: In August 2025, ProInversión and the Ministry of Housing declared of interest a co-financed private initiative to design, finance, construct, operate, and maintain a wastewater treatment system for Cajamarca. The estimated investment is USD 283 million, and the project will benefit 365,000 people. If no third parties’ express interest, the project will be directly awarded to the original proponent, FCC Aqualia S.A (Spain).

The government expects to award this project in the second quarter of 2026.

Sewage treatment system for Puerto Maldonado: In September 2020, ProInversion called for a public bid to grant a concession to design, finance, construct, operate and maintain this project. The estimated investment for this project is USD 150.09 million, and ProInversion expects to award it in the last quarter of 2025.

Main works for and distribution of the drinkable water supply for Lima (Obras de Cabecera y Conducción para el abastecimiento de agua potable para Lima): ProInversion has called for a public bid to grant a 30-year concession to design, finance, construct, operate and maintain the following: (i) the extension of the Pomacocha and Huallacocha Bajo dam (approximately 100 million cubic meters); (ii) diversion works in Pomacocha-Rio Blanco (approximately 10 kilometers of a trans-Andean tunnel); (iii) a water purification plant (five cubic meters per second); and (iv) the Ramal Sur distribution pipeline (approximately 25.6 kilometers). The estimated investment for this project is USD 696 million, and ProInversion expects to award it in the first quarter of 2026.

Health

Bids in process

Children's Health Institute: In the second quarter of 2025, ProInversion will call for a public bid to grant the management contract for this project through a 17-year PPP, which consists of providing nonmedical services and diagnostic assistance.

The estimated investment for this project is USD 233 million, and ProInversion expects to award it in the first quarter of 2026.

Potential projects

New Central Military Hospital: ProInversion will call for a public bid to grant the concession for this project, which will provide military personnel and their families with a state-of-the-art hospital.

The estimated investment for this project is USD 726 million, and ProInversion expects to award it in the last quarter of 2026.