Peru's $24 Billion Irrigation Revolution: Transforming Farmland Expansion

Peruvian Agriculture Minister Angel Manero announced a $24 billion irrigation project to expand farmland by one million hectares. The 'Trasvase Maranon' project will transfer water from the Maranon River to the Pacific coast, expanding agricultural exports and potentially surpassing mining as Peru's main economic driver by 2050.

Peru is embarking on an ambitious $24 billion irrigation initiative, announced by Agriculture Minister Angel Manero, to significantly bolster its farmland by one million hectares. This expansion is larger than Puerto Rico and aims to revolutionize the Andean nation's agricultural sector.

The centerpiece of this initiative is the 'Trasvase Maranon,' a $7 billion project poised to divert water from the Maranon River to the Pacific coast and irrigate over 300,000 hectares. Additional projects, totaling 22 in number, will stretch across Peru's diverse landscapes and are expected to commence from 2025 to mid-2026.

In light of last year's 22% upswing in agricultural exports, totaling approximately $12.5 billion, Peru aims for $40 billion by 2040. The initiative signals a strategic pivot toward agriculture overtaking mining, a sector currently dominated by the country's abundant copper reserves.

(With inputs from agencies.)