Peru roundup: Chancay port and Lima airport controversies

Chancay port

Peru’s US$3.6bn Chancay port north of Lima continues to generate expectations both on the local stock market and at a macroeconomic level. The first phase of the project – valued at US$1.3bn – is due to be ready in November and is 80% complete.

Central bank president Julio Velarde said Chancay's economic contribution will be around 0.3% of GDP but could triple that.

“If Chancay indeed becomes a hub in which there can be greater investment, greater movement of internal activities [and projects], and connection with other countries, the contribution can reach 0.9%,” the official said in a conference. 

The controversies surrounding the legal framework – which, for now, guarantee Cosco Shipping Ports the operation and maintenance of the project – have not been forgotten.

“The US$1.3bn first phase of four terminals is already committed and will be delivered in November. What happens in the future will depend on whether the issue of exclusivity for operations and maintenance is clarified. We have already given our position: this is a 100% private port for public use,” Mario De Las Casas, the company's public affairs manager, told a television outlet.

Lima airport  

The opening of the new Jorge Chávez airport in Lima, a US$2bn project, continues to generate uncertainty and concerns on various fronts. The lack of preparation of officials – currently in the training process – and new costs will make operations more expensive.

That is according to a statement from Peru’s International Air Transport Companies Association (AETAI) and the International Air Transport Association (IATA). According to the groups, an increase in the rent of common spaces – operational offices and check-in counters – is projected to be up to three times the current price, and this may increase from 2027 since this is specified in the contract between concessionaire Lima Airport Partners and the government.

The airport is planned to be officially opened on December 18 but the associations predict that with the launch of the new terminal and the high demand for flights, prices will rise more than normal.

“Ensuring a successful transfer of operations to the new terminal has to be the challenge of all those involved in this project, which is why the industry opposes the opening on December 18, 2024 … managing such a high demand in a new operating environment is really risky,” the statement said.

While specialists and companies involved suggest postponing the inauguration, the government's view is different. Looking ahead to the APEC 2024 Summit in the Peruvian capital, President Dina Boluarte announced that she will seek to bring forward the opening of the new airport to November, and so receive the leaders who will attend the event. According to specialists, bringing forward the opening would not be ideal given that the country is not yet prepared.

According to Lima Airport Partners, progress on construction of the new airport exceeds 85%.