Renders for the now-scrapped New Mexico City International Airport, designed by architect Norman Foster. Photo: Presidencia

By KELIN DILLON

The administration of Mexican President Claudia Sheinbaum Pardo (CSP) will be responsible for the payout of more than 19 billion pesos related to her predecessor, former President Andrés Manuel López Obrador’s (AMLO) cancellation of Mexico’s New Mexico City International Airport (NAICM).

AMLO scrapped the already-under-construction facility shortly after taking office in 2018, citing the project’s multi-billion-dollar price tag and supposed corruption as his reasoning.

Still, despite the cancellation’s supposed cost-saving measures, the fallout from the NAIM’s construction reportedly cost Mexico 331.9 billion pesos – 232 percent more than the López Obrador government estimated.

AMLO’s controversial replacement for the NAIM, the Felipe Ángeles International Airport (AIFA), also incurred unexpected costs for Mexico, amounting to 116 billion pesos, tens of billions more than initially budgeted.

Now, the Sheinbaum government is faced with the significant responsibility of covering the NAIM contract cancellation fees initiated under López Obrador’s tenure.

CSP will reportedly pay out $562 million for the first series of bonds, which are due in 2026, and another $592 million for the second set, which is due in 2028. At the current exchange rate, this totals 19.63 billion pesos.

Likewise, Sheinbaum’s administration will pay $187 million in annual interest until the first set of bonds is paid off.

The funding for these payments will reportedly be extracted from the Mexico City International Airport (AICM) Airport Use Fee and the Mexican Treasury.