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LatinNews Regional Monitor: Mexico - 4 December 2018
In brief: Mexico
* Mexico’s President Andrés Manuel López Obrador has announced that his administration will maintain the trust fund set up to finance the new Mexico City international airport project (NAIM). López Obrador has pledged that his government will cancel the US$13.3bn NAIM and develop an alternative plan to expand the existing Santa Lucía airport instead. The proposed cancellation of the NAIM sparked concerns about lawsuits being brought against the Mexican state over the termination of contracts that had already been awarded in relation to the NAIM. But López Obrador has said that the NAIM trust fund will be used to pay for any outstanding bills related to the project, settle any legal disputes, and ensure that investors are compensated for the termination of contracts. Government officials also announced that the López Obrador administration will also seek to buy back the bonds issued by the previous administration to finance the NAIM, with US$1.8bn set aside to try to buy back the US$6bn issued in NAIM bonds, in a bid to avoid these falling into a ‘technical default’.
