Glave, M., Hopkins, A. & M. Cavassa (2026). Estudio de caso Megapuerto de Chancay. Capitales corrosivos y capitales constructivos: un marco para contener el avance del capitalismo autoritario. Centro Internacional para la Empresa Privada (CIPE).

The Chancay Megaport is one of the most significant infrastructure projects in Peru’s recent history and a turning point in the country’s integration into trans-Pacific trade. With an estimated investment of approximately USD 3,000 million and a majority stake held by a Chinese state-owned enterprise, the project combines high technical complexity, a significant territorial impact, and growing geopolitical importance. Its operation, with a direct connection to Asia, positions the country as a potential logistics hub in the South Pacific, offering opportunities to reduce transportation costs, boost foreign trade, and attract complementary investments.

This study, conducted by GRADE with support from the Center for International Private Enterprise (CIPE), analyzes the case within the conceptual framework of corrosive and constructive capital. However, unlike approaches that tend to associate corrosiveness primarily with the origin of capital or the investor’s political regime, the report adopts a broader analytical perspective. In particular, it argues that the impact of a strategic investment is neither inherently positive nor negative, but rather contingent on the interaction between the capital and the host country’s institutional capacities. In this regard, the analysis shifts the focus from the origin of the capital to the governance vulnerabilities and strengths that shape its effects.