Credit Suisse approves one of AMLO’s star projects: the Felipe Angeles International Airport


Credit Suisse approves one of Andrés Manuel López Obrador’s star projects. In a recent report on the new Felipe Angeles International Airport, Swiss bank analysts acknowledge that the new airport has been a “positive surprise.” After a thorough visit to the works, accompanied by the high command of the Mexican Army in charge of the construction and operation of the new airport, the conclusion has been to confirm a large part of the Government’s thesis.

“We cannot deny the significant progress in construction achieved in a short period of time”, indicates the report, which also supports the bet that it will solve the saturation of air traffic in the capital and affirms that, saving some doubts about the connection between the old and the new airport, “Felipe Angeles may end up becoming the main one in Mexico City.”

The positive reading from Credit Suisse analysts stands in contrast to the criticism the project has received since its announcement. The project to remodel and expand the old military base in Santa Lucía was López Obrador’s response to the cancellation, justified in a controversial public consultation, of the works on the airport designed by the previous PRI government in the State of Mexico.

The report considers that there has been a “confusion in the initial assessment of the infrastructure project.” Without forgetting that, compared to the previous plan, the Felipe Ángeles airport “will not open opportunities to investors in the short term,” they underline the budget savings -the infrastructure proposed by the PRI cost four times more- and the commitment of the new operation debt-free.

Based on the data provided by Sedena, they confirm that the progress of the works started at the beginning of 2019 reaches 83% and that it will begin to operate partially in March 2022. The labor spill results in the creation of 137,000 direct jobs, of which 35,000 continue assets. Faced with the criticism that the project has received for its environmental impact, Credit Suisse emphasizes that “one of the most important aspects is its commitment to the environment and the initiatives of the green economy.”

Analysts confirm that the objective of using at least 35% clean energy in the development of the works has been met. In addition, they anticipate that the new airport will help reduce carbon emissions by more than 40%, thanks to the installation of solar panels, as well as the consumption of water and electricity. “The clear orientation towards green energies could also help to improve financing conditions,” concludes the report.

Source: El Pais

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