This week Mexican President Enrique Peña Nieto announced an initiative to fund $300 billion dollars (4 trillion pesos) worth of infrastructure projects through 2018. The money will be used to extend highways, revitalize and extend both passenger and freight rail, and upgrade ports in Mexico to increase capacity and efficiency of handling. “Nobody can doubt that better infrastructure translates into more competitiveness and productivity, which will ignite economic growth and social well-being,” Peña Nieto said. “These are investments that will translate into jobs.”
The new plan will bring Mexico’s infrastructure investment up to half a trillion dollars (6.25 trillion pesos) over the space of their last two infrastructure plans. Infrastructure areas slated to receive investment include:
- Construct or upgrade 3,361 miles of highways
- 6 regional airport upgrades
- Several sea ports
- 3 intercity passenger railways
- New subway line for Monterrey
- Light passenger-train system for Guadalajara
Recently, Mexico has bypassed passenger rail investment due to systemic delays and low ridership and focused on freight. However, Peña Nieto intends to change that by funding high-speed rail projects across Mexico. His stated goal is to develop infrastructure “the length and breadth of the country.” The funding package will go into effect in 2014.