Mexico’s new president to scrap $13 Billion Mexico City Airport Project

Mexico’s incoming President Andres Manuel Lopez Obrador this week announced that he is stopping construction on the $13 billion Mexico City airport, which is already one third completed.

According to Bloomberg News, Lopez Obrador scrapped the project after almost 70% of 1.07 million people who participated in a national referendum voted against the airport. The facility is one of Mexico’s biggest infrastructure projects ever.

Bloomberg reports that the incoming administration will stand by its proposal to add two runways to a military base while upgrading the current airport and another in the city of Tolucam. Lopez Obrador doesn’t take office until Dec. 1.

The group in charge of the trust to build the airport said it will continue construction until it receives official notification to halt.

Mexico’s peso tumbled past 20 to the dollar after the announcement, erasing all gains since Lopez Obrador was elected on July 1.

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