Mexico Plans to Invest $315 Billion on Public Works Over 6 Years

Mexican President Enrique Pena Nieto’s administration will seek $315 billion in infrastructure investments during his six years in office to accelerate economic growth.

The plan includes investment by the government and private companies in energy and about $100 billion in communications and transportation projects such as new ports and rail lines, Pena Nieto said today at an event in Mexico City.

Pena Nieto has pledged to double Mexico’s growth rate in part by increasing private investment in the oil industry. The nation must lift private and public spending in public works, which have lagged in Latin America’s second-largest economy, Pena Nieto said.

“With better infrastructure, more investment and transformational reforms, our nation will be able to grow at its full potential,” Pena Nieto said.

Mexico’s peso advanced 0.8 percent to 12.7096 per dollar at 1:22 p.m. local time. Shares for steelmaker Industrias CH SAB surged 3.8 percent while Empresas ICA SAB, the country’s biggest construction company, advanced 2.3 percent.

To contact the reporters on this story: Nacha Cattan in Mexico City at ncattan@bloomberg.net; Eric Martin in Mexico City at emartin21@bloomberg.net

To contact the editor responsible for this story: Andre Soliani at asoliani@bloomberg.net

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