Principal problems encountered
The bid was awarded to the sponsors in December 1992, but the project did not close until May 1996, after more than three years of hard work and uncertainty. Negotiations for the project financing took a long time for several reasons, including:
• the lack of precedents in Mexico for similar projects;
•the transition from Salinas’s presidency to Zedillo’s;
•the devaluation of the peso in December 1994; and
•the temporary shutdown of the US Federal Government.