Latin America Update: February 22, 2012
Mexico Prepares for the G-20 Summit in June
Mexican President Felipe Calderón met this week with representatives from G-20 nations in preparation for the annual summit to be hosted by Mexico in Los Cabos this June (the first G-20 summit in Latin America). The G-20 is potentially the most influential association of finance ministers from 19 major global economies plus the European Union. G-20 economies account for more than 80 percent of global trade and represent two thirds of the global population.
Construction of Subway in Lima, Peru
Peruvian President Ollanta Humala announced the construction of Lima’s first underground train system. Over 30 kilometers of construction is expected to cost $2 Billion USD. The system will be operational within 6 to 10 years.
Colombia to Triple Infrastructure Investments
Colombia has an immediate need of $20 Billion USD worth of highway infrastructure development to support economic expansion. The government has pledged to triple infrastructure investment to 3% of GDP by 2014.
US & Mexico Sign Deep Water Oil Deal
The agreement lifts the moratorium on oil and gas exploration in the 1.5 million acre trans-boundary region of the Gulf of Mexico.