(Bloomberg) -- Mexican President Andres Manuel Lopez Obrador outlined a plan Sunday to amplify and modernize railways, refineries and ports in southern Mexico and said foreign investors wouldn't be allowed to participate.
“For strategic sovereignty reasons,” Lopez Obradror said, “we aren't going to have foreign investment” in the projects.
Lopez Obrador, often referred to by his initials AMLO, said more than 8 billion pesos ($401 million) was dedicated in his budget proposal for modernizing oil refineries, including one in Salina Cruz where he spoke Sunday. He added that nearly 1 billion pesos is allotted in the budget proposal to upgrade the railways, and that 3 billion pesos would be dedicated to modernizing the sea ports of Salina Cruz and Coatzacoalcos.
AMLO said the infrastructure improvements would take two years to complete. He said the projects had to meet three requirements: Approval from the local community, protect the environment and economically benefit local residents.
To contact the reporter on this story: Patrick Gillespie in Buenos Aires at pgillespie29@bloomberg.net
To contact the editors responsible for this story: Vivianne Rodrigues at vrodrigues3@bloomberg.net, Mark Niquette
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