Countries › Peru › Guide › 3. Investing › Public private partnerships and asset projects in Peru: Ley Nº 32441, ProInversión, unsolicited proposals and contract terms

Public private partnerships and asset projects in Peru: Ley Nº 32441, ProInversión, unsolicited proposals and contract terms

Last verified: 2026-10-28 · Status: Changing

Peru's PPP framework is now Ley Nº 32441 (El Peruano, 16 September 2025), which repealed Decreto Legislativo Nº 1362 and took effect when its regulation, DS Nº 316-2025-EF, was published on 24 December 2025. PPPs are long term contracts of up to 60 years for public infrastructure and services, either self financed or co financed, and private companies can propose projects as private initiatives, with a 90 day window for rival bidders and a cost reimbursement of up to 2 percent of the investment if they lose. Contracts must include arbitration, and the State's firm and contingent PPP commitments are capped at 12 percent of GDP.

USD figures use S/ 3.452 per US dollar, the banking system selling rate published by the Superintendencia de Banca, Seguros y AFP for 27 October 2026 and shown in the Banco Central de Reserva del Perú statistics series PD04640PD. Amounts in UIT use the 2026 tax unit of S/ 5,500 (Decreto Supremo Nº 301-2025-EF, as cited in SUNAT Resolución de Superintendencia Nº 000016-2026). Amounts that the law sets in US dollars are quoted as written. Conversions are for orientation only.

Key facts

Maximum term of a PPP contract	60 yearsLey 32441 art. 55, as of 2026-10-28 · in force
Cap on the present value stock of State PPP commitments	12 % of GDPLey 32441 art. 31.1, as of 2026-10-28 · in force
Total investment cost at or below which the simplified PPP procedure applies	100000 UITLey 32441 art. 47.1, as of 2026-10-28 · in force
Window for third parties to express interest after a private initiative's declaration of interest	90 calendar daysDS 316-2025-EF art. 92.1, as of 2026-10-28 · in force
Maximum reimbursement to a losing private initiative proponent	2 % of total investment costLey 32441 art. 51; DS 316-2025-EF art. 97.4, as of 2026-10-28 · in force
Deadline to sign the contract after direct award of a private initiative	180 calendar daysDS 316-2025-EF art. 93.3, as of 2026-10-28 · in force

The rule

1. PPPs are long term contracts between a public entity and one or more private investors to develop public infrastructure, public services, related services, applied research or technological innovation, with risks and resources shared and resources preferably private. They originate either as state initiatives or as private initiatives.Ley Nº 32441, Ley que regula la promoción de la inversión privada mediante Asociaciones Público Privadas y Proyectos en Activos (El Peruano, 16 September 2025), Art. 23.1 to 23.4, 2025-09-16 official text · verified 2026-10-28

2. Ley 32441 repeals Decreto Legislativo Nº 1362 and enters into force the day after its regulation is published, except for a few provisions in force from publication. The regulation was approved by Decreto Supremo Nº 316-2025-EF, published in El Peruano on 24 December 2025. Decreto Legislativo Nº 1712 (4 February 2026) then amended articles 12, 17, 18, 42, 45 and 63 on MEF follow up, ProInversión governance and opinions, and DS Nº 225-2026-EF (24 October 2026) adjusted a transitional budget rule.Ley Nº 32441; Decreto Supremo Nº 316-2025-EF; Decreto Legislativo Nº 1712; Decreto Supremo Nº 225-2026-EF, Ley 32441 first final provision and sole repealing provision; DL 1712 art. 2; DS 225-2026-EF art. 1, 2025-12-24 official text · verified 2026-10-28 · changed: From 25 December 2025 Ley 32441 and DS 316-2025-EF replaced DL 1362 and its regulation; DL 1712 amended the law on 4 February 2026 and DS 225-2026-EF the regulation on 24 October 2026.

3. PPPs are classified as self financed (minimal or no demand for State financial guarantees, and non financial guarantees with minimal or no probability of requiring co financing) or co financed (requiring public funds, financial guarantees, or non financial guarantees with a high probability of requiring co financing).Ley Nº 32441, Art. 25, 2025-09-16 official text · verified 2026-10-28

4. The State may grant investors, by contract and supreme decree, the security and guarantees needed to protect their investments (Código Civil art. 1357). In concessions the investor may, with the public entity's authorization, mortgage the concession right, enforceable out of court as agreed, but it can only pass to someone meeting the tender requirements. Guarantees over contract revenues and pledges over the investor's shares are also allowed.Ley Nº 32441, Art. 29.1, art. 30.2 to 30.4, 2025-09-16 official text · verified 2026-10-28

5. The accumulated stock of firm and quantifiable contingent commitments, net of income, assumed by the non financial public sector in PPP contracts, measured at present value, cannot exceed 12 percent of GDP. The limit can be reviewed every three years by supreme decree.Ley Nº 32441, Art. 31.1 and 31.2, 2025-09-16 official text · verified 2026-10-28

6. Private companies, domestic or foreign, alone or in consortia, may present private initiatives. Self financed initiatives of national scope and all co financed initiatives are filed with ProInversión; self financed regional or local ones with the regional or local promotion body. Initiatives are petitions of grace: the proponent's right ends with filing and the decision cannot be challenged administratively or in court, and the promotion bodies must keep them confidential until the declaration of interest. Co financed initiatives for national projects are filed only in the windows and subjects set by supreme decree.Ley Nº 32441, Art. 48.1 to 48.5 and art. 49.1, 2025-09-16 official text · verified 2026-10-28

7. Once the declaration of interest is published, third parties have 90 calendar days to express interest in the same project, with a letter of guarantee. If no one does, the project is awarded directly to the proponent, who must first pay the promotion body's direct and indirect costs and present the financial model, and the contract must be signed within 180 calendar days of the award (extensions up to two years). If others express interest, a selection process follows and the proponent loses reimbursement if it does not take part.Reglamento de la Ley Nº 32441 approved by Decreto Supremo Nº 316-2025-EF, Art. 92.1, art. 93.1 to 93.3 and art. 94.3, 2025-12-24 official text · verified 2026-10-28

8. A proponent that takes part in the selection, submits a valid economic offer and loses is reimbursed its costs of preparing the initiative and the technical studies, as determined by the promotion body, but never more than 2 percent of the total investment cost (or of the total project cost when there is no investment component).
Example: On a S/ 500,000,000 project the reimbursement cannot exceed S/ 10,000,000. / About US$2,896,871 on a project of about US$144,843,569.Ley Nº 32441; Reglamento DS Nº 316-2025-EF, Ley art. 51; Reglamento art. 97.1 to 97.4, 2025-12-24 official text · verified 2026-10-28

9. State and private initiatives whose total investment or project cost is 100,000 UIT or less, and PPPs consisting only of operation and maintenance where ProInversión is the promotion body, follow a simplified procedure set by the regulation.
Example: 100,000 UIT is S/ 550,000,000 in 2026. / About US$159,327,926.Ley Nº 32441, Art. 47.1 and 47.2, 2025-09-16 official text · verified 2026-10-28

10. PPP contracts run for the term stated in the contract, which can never exceed 60 years unless a special law sets a shorter term, counted from signing.Ley Nº 32441, Art. 55, 2025-09-16 official text · verified 2026-10-28

11. PPP contracts must include an arbitration clause, and awards are published on the public entity's portal; regulators may take part in arbitrations on matters within their competence. Parties may also use a dispute board whose decisions bind them without limiting arbitration. These rules do not apply to international investment disputes under Ley Nº 28933.Ley Nº 32441, Art. 60.1 to 60.5, 2025-09-16 official text · verified 2026-10-28

Stage	Rule	Source
Filing	ProInversión for national self financed and all co financed initiatives; regional or local bodies for regional or local self financed ones	Ley 32441 art. 48.2 to 48.3
Confidentiality	Kept confidential until the declaration of interest	Ley 32441 art. 48.5
Market test	90 calendar days for third parties to express interest, with a letter of guarantee	DS 316-2025-EF art. 92.1
No rival	Direct award; proponent pays the promotion body's costs; contract within 180 calendar days	DS 316-2025-EF art. 93
Rival appears	Selection process; losing proponent reimbursed up to 2 percent of the investment cost if it bid validly	Ley 32441 art. 51; DS 316-2025-EF art. 97

Private initiative path under Ley 32441 and DS 316-2025-EF.

Worked example

A foreign operator proposes a self financed toll road costing S/ 500,000,000 (about US$144,843,569). Because it exceeds 100,000 UIT (S/ 550,000,000 would be the cut off), it follows the ordinary, not the simplified, procedure (Ley 32441 art. 47).
After the declaration of interest, a rival files an expression of interest within 90 calendar days, so a tender is held. The proponent bids validly but loses and recovers its documented study costs up to S/ 10,000,000, 2 percent of the investment (DS 316-2025-EF art. 97.4).
Had nobody come forward, the proponent would have been awarded the project directly, paid ProInversión's processing costs and signed within 180 calendar days (art. 93).

Step by step

Check whether the project is a PPP (infrastructure or public services with long term risk sharing) or an asset project (Proyecto en Activos) over State owned assets, and whether it is self financed or co financed (Ley 32441 art. 25 and 52).
For co financed ideas, wait for the published windows and subjects (national) or the annual filing period (regional and local) and the needs and budget capacity the entities publish (art. 49).
Prepare the initiative with the contents the regulation requires and file it with the right promotion body; budget for the 2 percent reimbursement cap when sizing study spend.
Monitor the declaration of interest and the 90 day market test; prepare the letter of guarantee and, for a direct award, the financial model and the promotion body's costs.
Negotiate the security package (concession mortgage, revenue guarantees, share pledges) and the dispute board and arbitration clauses before signing (art. 30 and 60).
Sign within 180 calendar days of a direct award, and plan for supervision by the regulator in regulated sectors (art. 61).

Common traps

Many documents still cite Decreto Legislativo Nº 1362 and its TUO (DS Nº 195-2023-EF). DL 1362 was repealed by Ley 32441, effective 25 December 2025; check the transitional rules for projects already in the pipeline.
Private initiatives are petitions of grace (art. 48.4): if the authority shelves your proposal, you cannot appeal it administratively or in court.
Reimbursement of study costs is capped at 2 percent of the investment and is lost if the proponent does not bid in the selection process (DS 316-2025-EF art. 94.3 and 97.4).
A concession mortgage needs the public entity's authorization and its favorable opinion to enforce, and the concession can only be transferred to someone meeting the tender requirements (Ley 32441 art. 30.2 and 30.3). Lenders should build that into step in rights.
Arbitration awards and dispute board decisions are published on the entity's portal (art. 60.1 and 60.7), so confidentiality cannot be assumed.
PPPs on public assets do not give the investor a real right over those assets (art. 24.2).

Sources

← Works for taxes (Obras por Impuestos): financing public projects and paying income tax and IGV with CIPRL certificatesSelling to the Peruvian State: Ley General de Contrataciones Públicas Nº 32069, supplier registry, tenders, guarantees and disputes →

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