Nuevo León governor looks to create infrastructure fund

The governor of Mexico's Nuevo León state, Samuel García, aims to create an infrastructure fund to finance road projects.

The fund would receive 5% of the state’s annual revenue and could become part of next year’s budget, daily El Norte reported García as saying at an event hosted by the Mexican chamber for freight transportation (Canacar).

“I hope we can create a new road infrastructure law, like a Fonadin [national infrastructure fund] for the state,” he said, calling on members of the local legislature to get behind the project.

García said the main idea is to map out the projects that are needed for the coming years in terms of construction, upgrades and maintenance - and having the money to execute them. 

The fund’s resources would be invested in treasury bills known as Cetes, which currently pay an annual return of 11%, he said.