Peru has secured a $950 million loan from the Inter-American Development Bank (IADB) through 2012, Bloomberg reports. The lender will provide Peru $450 million this year and $500 million in 2012.

The 2011 tranche will comprise $300 million, for public sector projects and $150 million for private industry. The bank will also donate $30 million to the country. IADB was set up in 1959 and is the biggest source of development financing for Latin America and the Caribbean.

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