Peru Learns to Read the Fine Print in China Deals
Pity the Peruvian negotiators who, five years ago, signed an agreement with the Chinese giant Cosco Shipping Ports. The agreement was about the Port of Chancay, located near Lima, which was to become a megaport and “the gateway from South America to Asia”, as one Cosco manager told The Associated Press. But now, as the massive port nears completion, an “administrative error” by unnamed officials in Peru has given Cosco Shipping Ports exclusivity over operations at the Port of Chancay, the Peruvian port authority (APN) announced in March. Other infrastructure operators still hoping for large Chinese investments should pay heed.
That’s bad news, because the two-terminal construction is be completed later this year, and Peru has great expectations.… Seguir leyendo »