The Mexican government is no longer planning on moving up the timeline to pay off some $4.2 billion in outstanding bonds issued to finance a partly built airport on the outskirts of Mexico City that was later canceled, a senior transport official said on Friday.
The canceled Texcoco project was meant to alleviate pressure at the capital's decades-old airport, but shortly after he was elected in 2018, President Andres Manuel Lopez Obrador ordered construction on the new facility halted, blasting it as too expensive and stained by corruption.
His government initially paid off around $1.8 billion of the $6 billion in bonds issued to finance the ill-fated Texcoco airport, and now plans to stick with the established payback plan for the long-term bonds. "The finance ministry asked for everything to stay the same, so that's what's going to happen," Deputy Transportation Minister Rogelio Jimenez Pons told reporters., as the funds used to pay off the bonds for the canceled airport currently come from a usage tax generated by the existing Mexico City International Airport .
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