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News > Peru

Peru: President Castillo To Boost Small Enterprises Development

  • President Pedro Castillo (C), Lima, Peru, Nov. 24, 2021.

    President Pedro Castillo (C), Lima, Peru, Nov. 24, 2021. | Photo: Twitter/ @Agencia_Andina

Published 25 November 2021

"For over two years, our entrepreneurs have bravely fought the economic recession... Now, it is our turn to help them," he stated. 

On Wednesday, Peru’s President Pedro Castillo stated that his administration would promote the small and medium-sized enterprises (SMEs) development to boost equitable economic growth.


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"For over two years, the Peruvian entrepreneurs' work has bravely fought the economic recession prompted by the COVID-19 pandemic by boosting the productivity and employing millions of citizens. Now, it is our turn to help them," Castillo stressed.

To achieve this goal, his administration will allow shoemakers, carpenters, garment makers, and artisans to acquire raw materials through decentralized purchases and all SMEs to obtain loans from the National Bank.

"Only 25 percent of Peruvians have access to loans for opening or expanding their businesses," Castillo stressed, adding that opening access to bank credits will reduce interest rates and create competition amongst producers.

"This year, we have purchased about US$230 million goods to 1,500 SMEs, and we plan to buy US$1,2 billion goods to all Peru's companies of such kind by 2026," he announced.

The Castillo administration will also work to attract foreign investment in agriculture, construction, and mining. "We will open the doors to all investors who comply with the requirements established by Peruvian law and who have the corresponding permits in force," the President stated. 

"I reiterate there will be no arbitrary or unilateral decisions about closing foreign companies: we will maintain dialogue with all entrepreneurs so that our policies benefit the majorities," Castillo said.

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