Works for Taxes achieves a historical record close to 2bn soles between January and July

By ProInversión

This is a machine translation of the original press release issued in Spanish.

Between January and July 2024, the amount awarded through the Works for Taxes (OxI) mechanism reached the historical record of S/ 1,975 million with the good success of 44 projects awarded, reported the Private Investment Promotion Agency - PROINVERSIÓN.

The result exceeds the annual amounts awarded in 16 years of creation of the Works for Taxes (OxI) mechanism and, also, by 79% the goal planned for 2024 (S/ 1,100 million).

The executive director of PROINVERSIÓN, José Salardi, explained that the historical record in Works for Taxes responds to an articulated work of the agency with ministries, Regional Governments, Local Governments, public universities and private companies that trust in this mechanism to provide infrastructure and quality public services in the country.

He added that another important factor is the dissemination and promotion of investments, as well as the advice and technical assistance offered by PROINVERSIÓN, which has allowed 31 companies and 15 public entities from 10 departments to participate for the first time in the Works for Taxes mechanism in 2024.

This year, they were awarded the modernization of the emblematic school “La Victoria de Ayacucho” in Huancavelica (S/ 95.5 million), Potable Water and Sewage in the Gregorio Albarracín Lanchipa district, Tacna (S/ 86 million); Riverside Protection Project in Pichari-Cusco (S/ 63 million); San Isidro Sports Complex in Ica (S/ 48 million); and the Improvement of the Educational Institution 40029 Ludwing Van Beethoven in Selva Alegre-Arequipa (S/ 40 million).

Only in June of this year, PROINVERSIÓN awarded the megaproject for the “Improvement and expansion of care of Hospital Health Services in Víctor Ramos Guardia – Huaraz”, which will require S/ 1,099 million, for the benefit of 1.8 million inhabitants. This is the first award of projects commissioned to the agency through Works for Taxes.

According to historical statistics, in the period 2009 – 2024, 552 projects have been awarded for S/ 9,520 million, benefiting 22 million Peruvians and 246 public entities have intervened. Only between January and July 2024, 31 companies and 15 public entities have used the Works for Taxes mechanism for the first time.

Likewise, the expectation for the end of 2024 continues to rise, with the good progress of 13 projects (S/ 432 million), among them, the “Implementation of the Irrigation System in the Yura River Basin” (S/ 97 million) of the Regional Government of Arequipa and the Acquisition of Communication Equipment from the General Directorate of Controls and Sanctions in Communications (DGFSC) of the Ministry of Transportation and Communications (S/ 43 million).