13 Billion Dollars of Project Scrapped in Mexico

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“The Mexican people’s decision is democratic, transparent and effective,” said Lopez Obrador, after 70 percent of voters voted against the airport project in a four-day referendum.

“People have decided,” the new Mexican leader added.

It is unclear, what the next Mexican government will do with the huge construction of a new airport on the site of a Texcoco lake.

The referendum itself is controversial, as only over one million voters cast their votes, or 1.2% of the total number of eligible voters.

The Mexican currency dropped 3.3 percent against the dollar after the president announced this decision yesterday. Mexico’s IPC stock index fell 4.2% at the end of the day.

During the campaign, Lopez Obrador vowed to cancel the Texcoco project due to capital scandal and corruption. After the victory, he said the issue needed to be decided by the Mexican people.

Initially, it was planned to close the old Mexico City airport (built in the 1940s) once the Texcoco project was completed.

President-elect Lopez Obrador says he has received assurances from international experts that the current airport and Santa Lucia can operate in parallel. Mexico will save $ 5 billion if it cancels the Texcoco project, he said.

The Texcoco Airport Project is the mark of the incumbent President-in-Chief, Enrique Pena Nieto. However, it is associated with environmental scandal, corruption, and shady shake-up between the government and the contractor.

That helped Lopez Obrador to win the election.

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