Mexican president-elect pulls plug on new airport
Print Edition
Mexico鈥檚 incoming president says his government would cancel construction of a partially built US$13 billion new airport for Mexico City, a decision which left investors fretting over how he would manage the economy and led to sharp falls in the currency and stock markets.
President-elect Andres Manuel Lopez Obrador said on Monday his administration, which takes office on December 1, would heed the results of the informal referendum that called for abandoning the current project.
Instead, a military air base north of the capital will be converted for commercial use to ease overcrowding at the current hub.
Companies owned by the family of Mexican billionaire Carlos Slim, once the world鈥檚 richest man, were co-designing, co-financing and co-building the project. Mexico鈥檚 pension funds also put up money through an infrastructure investment trust.
Mexico鈥檚 peso tumbled around 3.6 percent, blowing past the key 20 per US dollar level after Lopez Obrador鈥檚 announcement. The peso鈥檚 losses were the most of any major currency on Monday, while the country鈥檚 benchmark stock index closed down 4.2 percent. Both the currency and stock markets saw their worst one-day losses since the aftermath of the election of US President Donald Trump in November 2016.
Mexico鈥檚 President Pena Nieto on Monday said that the project, which administrators said is close to one-third complete, would continue until his term finishes at the end of November.
He also said that the cancelation of the project would probably mean having to pre-pay the US$6 billion of bonds issued to finance it.
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