ICA to Raise Funds for Aqueducts

Mexican construction company ICA Infraestructura is looking at two aqueduct projects likely to begin construction next year. The 2 projects, Falcon and Zapotillo, had been planned for this year. Falcon, the larger of the pair, is expected to cost more than MXP1bn. ICA Infraestructura director of finance Juan Antonio Garcia-Gayou Facha tells LatinFinance that the delay is due to a “lack of hands” at government agencies responsible for the projects. Despite President Calderon’s pledge to spend $234 billion over 5 years on infrastructure projects, development agencies have been insufficiently staffed to handle the flood of new proposed projects. Garcia-Gayou also cites a lack of sufficient analysis by government agencies, which have oftentimes seen bids by concessionaires come in significantly below government expectations. Garcia-Gayou adds that his company is open to considering a number of financing options for the projects, but is still waiting on final feasibility before going to investors. ICA is also considering bidding on several toll roads, including the Pacifica Sur project, which Garcia-Gayou says would generate significant synergies with its existing roads in the south.