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Peru approves 167.5M soles capital injection for state-run Cofide

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Peru approves 167.5M soles capital injection for state-run Cofide

Corporación Financiera de Desarrollo SA, or Cofide, said Peru's government published a decree authorizing the Ministry of Economy and Finance to inject 167.5 million Peruvian soles of fresh capital into the state-run bank in 2018.

The funds for the capital contribution will be drawn from the government's budget for next year.

The development bank recently disclosed a total exposure of about $315.8 million to infrastructure projects linked to Odebrecht and Graña y Montero, two construction companies that have been implicated in a wide-ranging corruption probe.

As of Dec. 8, US$1 was equivalent to 3.24 Peruvian soles.