A remote fishing town on the edge of Peru’s coastal desert is the site for a $1.3 billion megaport majority-owned by the Chinese shipping giant Cosco.

Huge cranes loom over Peru's massive new Chinese-funded Chancay port, a symbol of Beijing's growing influence in South America which is set to be inaugurated by President Xi Jinping on Thursday."With the addition of this port,

The port opening in Chancay underscores China’s growing clout in a region that once looked primarily to the United States for economic opportunity.

Chinese President Xi Jinping is set to inaugurate a mega port on the Peruvian coast, a project expected to speed up trade between South America and Asia-Pacific.