Peru has also been a leader in investing in the health and well-being of women and children, said World Bank Group president Jim Yong Kim in his speech.
In 2005, 28% of Peru's children were stunted, a condition that imposes permanent limits on cognitive and physical development due to malnourishment and lack of appropriate stimulation during pregnancy and early childhood, he satated.
"This easily preventable condition impairs learning ability and lowers lifetime earnings. In just eight years, the country reduced the rate of stunting by half, to 14%. They used results-based financing to reward programs that produced better health, social development and sanitation outcomes. And they targeted assistance to those areas most in need, resulting in rapid progress in rural areas and the poorest communities", he said.
"Even in hard times, there should be no retreat from investing in people as well as supporting social protection programs that prevent people from plunging back into poverty", he stated.
When it comes to ensuring that people stay out of poverty, Latin America has set a high global standard.
The WB head said one of the best programs is Peru's Programa Juntos, which began a decade ago.
"Juntos has reached half a million poor families with conditional cash transfers worth US$ 38 each month, based on regular health and nutrition check-ups for young children".