Sanchez Alonso said that a possible decrease in international cooperation due to the financial crisis would not have a strong impact on cooperation with Peru.

The diplomat noted that Spain and Peru are negotiating a new cooperation plan for the 2012-2016 period, with emphasis on social inclusion programs and according to priorities of the Peruvian government.

Although he did not rule out future cuts compared to the past five years, due to budget constraints imposed by the new Spanish government in the context of financial crisis, the ambassador said these will be minimal in the case of Peru.

Spain will provide between 60 and 70 million euros annually in financing for development projects, he told Andina news agency. Between 2007 and 2011, the Spanish cooperation reached 450 million euros, averaging 90 to 100 million euros per year.

The money was used to develop training, microcredit, capacity building, monument restoration as well as water and sanitation programs in the Andean country.