Peru plans to encourage mining and energy investments by issuing fewer environmental fines and guarding development rights in protected nature reserves, the government announced yesterday. The country's finance ministry said the package of laws will bolster economic growth by 1.5 to 3 percentage points in two or three years. "It's estimated that this will untangle at least $11 billion in hydrocarbon projects," the ministry said in a statement. The plan includes cutting fines applied by Peru's environmental regulator by 65 percent, protecting concession rights in nature reserves and elsewhere, and reducing other government red tape.
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