Peru receives a 300-million-euro credit for digital transformation from the German bank KfW

The Peruvian government announced on Saturday that it would get a credit from the German bank KfW Development Bank to the extent of up to 300 million euros ($325.08 million) for a program aimed at digital transformation.

The official government gazette states that a fixed margin plus a 6-month Euribor rate will be applied to the credit, which has a 15-year duration.

Details of the digital transformation program were not made public.

According to estimates from Jose Arista, Peru’s minister of economics, the country’s GDP expanded by 4.5% to 5% in May.

Peru, which has been rocked by multiple corruption scandals in recent years, is the third-largest copper producer in the world.

One dollar is equivalent to 0.9228 euros.