Thursday, November 1, 2018
In a referendum 70 per cent people voted against the airport project in Mexico. The U.S. dollar 18 billion airport project is half complete and scrapping it would cost billions. According to Andres Manuel Lopez Obrador, the citizen’s decision is democratic, rational and efficient. He will respect the citizen’s decision.
It’s not clear what will be done with the vast foundations built on the site, a former lake bed known as Texcoco. About one million people voted in the referendum.
The decision led to the slipping of Mexico’s peso against the US dollar by more than three per cent.
Critics opine that it might affect investor confidence in Mexico. However, Mr Lopez Obrador said investors, debt holders, and contractors of the abandoned project will be protected.
Cancellation of the Texcoco project was a part of the president-elect’s campaign. He said it was marred with corruption and over-spending. After winning, he placed the matter before the Mexican citizens. It is the first time that such a large project had been submitted to a public debate and vote.
He prefers having two commercial runways at a military air base in the town of Santa Lucia, about 45 km from the capital. He said he was assured by international experts that the current airport and Santa Lucia could operate simultaneously, though the distance factor has to be taken into account.
The president-elect said that abandonment of the unfinished Texcoco project would save U.S. dollar 7 billion. This project was started by current President Enrique Pena Nieto, who leaves office on Dec 1. The outgoing administration was marked by allegations of corruption and insider dealing with contractors. It is in this backdrop that Mr Lopez Obrador was voted to the presidency on July 1.
Mr Pena Nieto warned that if the airport was cancelled, it could cost taxpayers.
Mr Lopez Obrador opines that the corruption has ended.
Wednesday, April 24, 2024
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Wednesday, April 24, 2024
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