The Strategist

Mexico City authorities to create 300,000 jobs to reactivate the economy

09/03/2020 - 03:27

Head of government of Mexico City, Claudia Sheinbaum, presented a plan to reactivate the region's economy in the amount of $ 5.3 billion, under which the city will create 300,000 direct jobs lost as a result of the COVID-19 pandemic.

Eneas De Troya
Eneas De Troya
"We estimate private investment of 75 billion pesos ($ 3.45 billion). Over the last five months of this year and the first months of next year to create 300,000 jobs," Sheinbaum said during the presentation of the economic program, which was broadcast on the city government microblog on Twitter.

In addition to private funds to be channeled into government-approved infrastructure projects, another 40 billion pesos ($ 1.85 billion) will be allocated from federal and city budgets.

In addition to the construction and renovation of urban infrastructure, the authorities intend to carry out a comprehensive renovation of the historic city center, invest in safe tourism, digitalization of services for small and medium-sized businesses, waste recycling, as well as support for the population in the form of social guarantees and loans.

The metropolitan region has been hardest hit by the COVID-19 pandemic, including economically, due to the high population density and high concentration of businesses closed for a 4-month quarantine. About 100 thousand cases of infection were registered in the city, 10 591 people died from complications.