A consortium of large Spanish firms – Ferrovial, Acciona and Sacyr – has been selected to develop the Peripheral Ring Road in Lima, Peru as a 30-year public-private partnership with an investment of €3.1bn.

Ferrovial, through Cintra, its toll road subsidiary, owns 35% of the consortium, while Sacyr and Acciona own 32.5% each.

Proinversión, Peru’s private investment promotion agency, announced the decision yesterday.

Ferrovial said the ring road would transform Peru’s capital. Last year, TomTom ranked Lima as the 5^th most congested city in the world.

The “Anillo Vial Periférico” consortium will design, finance, build, and maintenance the 34.8km toll road.

There will be toll-free side lanes in both directions to facilitate connectivity in the city.

Ferrovial said the project would generate more than 70,000 jobs during its construction phase, of which 5,000 will be directly associated.