Peru Tourism Project (WB-P174944)

Countries
  • Peru
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • World Bank (WB)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
U
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Dec 14, 2020
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
Government of Peru
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Education and Health
  • Law and Government
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
$ 100.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Loan Amount (USD)
$ 100.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 100.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ WB website

Updated in EWS Jun 19, 2021

Disclosed by Bank Oct 22, 2020


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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

Support the recovery of tourism in Peru through strategic public investments in visitor management, destination development and business environment reforms to mobilize private investment in selected destinations.

Related to the Peru - Country partnership framework for the period FY17-FY21

http://documents.worldbank.org/curated/en/522711493949637279/Peru-Country-partnership-framework-for-the-period-FY17-FY21 

The Project’s Environmental and Social Risk Classification is Moderate.

Early Warning System Project Analysis
For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

The Project is designed to deal with both immediate COVID-19 responses and longer-term recovery and competitive positioning of selected destinations in an integrated way. A phased approach will be used, in which short-term development will focus on domestic tourism, and medium- and long-term development will focus on mobilizing key public investments, attracting private sector investment, and increasing value from international tourism. Both phases will be supported by institutional strengthening to build a competitive, sustainable, and resilient tourism sector. Additional support for regulatory reforms and the mobilization of private investment will be delivered through a parallel IFC advisory project that supports the Ministry of Foreign Trade and Tourism (Ministerio de Comercio Exterior y Turismo, MINCETUR)
to develop targeted investor outreach, promotion, facilitation, tracking and aftercare programs. This may be paired with
direct support to private investments by IFC, where appropriate. Components:

Component 1. COVID-19 short-term tourism recovery program

Component 2. Support for medium-term tourism diversification, competitiveness and sustainability

Component 3. Strengthening business environment and institutional capacity and project management ($15m)

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

World Bank
Thomas Edward Haven, Louise D Twining-Ward
Senior Private Sector Specialist

Implementing Agencies
Ministry of Foreign Trade and Tourism (MINCETUR)
Carlos Ernesto Benites Saravia
Viceministro de Turismo
cbenites@mincetur.gob.pe 

How it works

How it works