WASHINGTON, March 28, 2025 - The World Bank Board of Directors today approved a new project to support Peru in modernizing its economy and making it more resilient in the face of natural hazards.
The $500 million program addresses critical reforms to increase resilience, adaptation and mitigation capacity, reducing the country's vulnerability to natural hazards. The program supports important technological advancements, like renewables, distributed generation, and electromobility.
These efforts are crucial for Peru's development, as they will reduce the impact of climate hazards on the population, especially the most vulnerable, and have the potential to attract private investment and create new value chains and skilled jobs, boosting the country's economic development.
The program builds on previous reforms to enhance disaster risk management, territorial planning, and expand renewable energy. It includes new sectors important for adaptation, such as water supply and sanitation, supports electric mobility, and curbing deforestation in the Amazon.
By targeting high greenhouse gases emission sectors, the program aims to promote a more sustainable economy, while strengthening the National Disaster Risk Management System contributing to enhance Peru's resilience and sustainability.
"We are committed to supporting Peru in its transition to a resilient and modern economy. This program will not only help mitigate natural hazard impacts but also create new jobs and value chains, boosting the country's economic development," said Issam Abousleiman, World Bank's Country Director for Bolivia, Chile, Ecuador and Peru. "The new technological shifts supported by the program will bring innovation and private sector investment, enhancing Peru's competitiveness", added.
This operation is particularly relevant for Peru, a country highly exposed to climate-related events and committed to meeting its mitigation targets defined in its updated Nationally Determined Contributions (NDCs).
