Peru transport infra investment heading for new record in 2024

Peru’s investments in transport infrastructure have exceeded all of 2023 and are set to surpass the record set in 2016. 

The strong pace of investment execution is due to the progress of major construction projects in capital Lima, including metro line No. 2 and the Jorge Chávez international airport.

At the end of Q3, railway, port, highway and airport investments totaled US$885mn, according to a report from transport regulator Ositran. 

The total figure for last year was US$723mn, while the 2016 figure was US$898mn.

If the investment execution trend of the first three quarters continues, it is highly likely that 2024 will close with more than US$1bn, with the possibility of surpassing US$1.1bn, according to Ositran.

The country’s biggest projects have not suffered major interruptions or delays, like in previous years, which is a key factor for the regulator’s year-end prediction.

Segments  

The investment received by the airports segment in the first nine months is much higher than last year’s total. 

The US$2bn Jorge Chávez airport project will be delivered on December 18, and it is generating additional investments worth around US$400mn in the hotel and retail sectors, among others.

The ports and railway segments are also close to surpassing the investments of 2023. 

In the case of highways and other road projects, they are expected to see a stronger year in 2025 due to the tender of the fourth section of the Longitudinal de la Sierra highway.

Segments	2023 (in US$mn)	9M 2024 (in US$mn)
Airports	55.1	355
Highways and roads	82.2	30.2
Railways	372	346
Ports	214	155
Total investment	723	885

Source: Ositran

According to Ositran, the average investment execution in the Lima metro’s line No. 2 was US$115mn in the first three quarters, so the project is expected to close the year with around US$450mn.

In the case of ports, the investment progress is due to the expansion works on the south pier (Bicentenario) at Callao in Lima, a project that was officially delivered in June but for which additional investments of more than US$40mn were announced. At the end of Q3, investments totaled US$138mn for this project. 

Progress was also made with the expansion of Callao’s northern terminal (US$10mn) and the port of Paita (US$3.85mn) in Piura region.