China Three Gorges Corp and China Development Bank (CDB) have signed an agreement on financing a hydroelectric power project in Peru, news site hanqiu.com reported on Thursday.
CDB will provide $365 million in 19-year loans, the report said. Three Gorges Corp is part of a multi-party deal to finance and construct the hydropower San Gaban III project.
Construction of the project started on September 1 this year and is set to be completed by August 2021. It will ease power shortages in southeast Peru, as well as large volumes of waste gas and emissions annually, the report noted.
CDB has provided loans to Peru totaling more than $5 billion, the report added.