LatinNews Daily - 07 January 2020

In brief: Mexican govít to invest in banking infrastructure

* Mexico’s President Andrés Manuel López Obrador has revealed that his government will invest M$10bn (US$531m) to build branches of the Banco de Bienestar, the newly created state financial institution that will be responsible for distributing cash from social programmes, around the country. López Obrador said that the government plans to build 2,700 Banco de Bienestar branches by 2021 and that these will be paid for with the savings that his administration has made thanks to its ‘republican austerity’ programme. According to López Obrador, the M$5bn in savings made in 2019 will be used to built 1,350 branches this year. The president said that the goal is for the Banco de Bienestar to eventually have a presence in most of the country’s 2,500 municipalities and to also offer banking services to disadvantage communities.