Mexico's transport and communication ministry (SCT) is seeking to finance the construction of three port projects with private funds due to the lack of public resources, according to local media.
This was announced by SCT minister Gerardo Ruiz Esparza during the second international forum on financial inclusion, which was held in Mexico City this week.
The projects that will be financed with private funds are in the ports of Veracruz, Manzanillo and Lázaro Cárdenas, Esparza said, without disclosing further details.
The SCT is conducting 25 port projects in the country, requiring total investments of around 67.3bn pesos (US$3.61bn), with approximately 80% of this amount coming from the private sector.
The development of new port infrastructure in Mexico will help operators move more than 400Mt this year, according to the SCT. The country's ports handled close to 290Mt of cargo in 2015.
The latest round of cuts to the 2016 budget of the transport ministry will affect various infrastructure projects. Congress had originally approved a budget of 105bn pesos, down 16.5% compared to the ministry's budget in 2015, before it was slashed by another 12.3bn pesos.