Congress to create US$3.7bn infrastructure fund

Monday, November 14, 2011

The Mexican congress plans to include a 50bn-peso (US$3.70bn) fund for water, highway and other infrastructure in the 2012 national budget.

The fund will be used to stimulate infrastructure spending across each of Mexico's states, said congressman Armando Ríos.

The investment will be provided by the federal government and state governments will be required to pay interest over a 20-year term.

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The bond aims to counter the effects of the economic downturn by generating jobs and guaranteeing counter-cyclical spending, said Ríos.