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Mexico to invest $454m in Gulf ports

Mexico to invest $454m in Gulf ports
Mexico's transport and communications authority (SCT) plans to invest $454m (MXN5.5bn) in the ports of Altamira, Tampico and Matamoros, located in the Gulf of Mexico and in the state of Tamaulipas.

SCT said the investments would help improve government-owned terminals and make them competitive with the ports in the Gulf of Mexico and the Caribbean Basin when the Panama Canal expansion is opened for commercial transits in mid-2015.

Projects include the $124m (MXN1.5bn) modernisation of Matamoros Port one of President Enrique Peña Nieto's campaign promises. The state government has already secured $30M in funding (MXN360m) for the construction of the breakwaters and the port is expected to be fully operational in 2015.

Works in Altamira port include dredging, construction of an underpass, new access roads and construction of a new railway line that will make multimodal operations in the port more efficient, according to a release from the port authority.

The investments were announced during a tour of the ports the Transport and Communications Minister Guillermo Ruiz de Teresa.

The investment will be carried out over three years, with $83m (MXN1bn) expected to be spent during 2013.

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