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Mexico to invest $3.4 billion in troubled Michoacán

Wednesday, February 5, 2014

President Enrique Peña Nieto said Tuesday that his government would invest the equivalent of about $3.4 billion in social and infrastructure programs for the beleaguered Mexican state of Michoacan, where armed vigilante groups have been clashing with a drug gang.

The funding will go to scholarships for students, pensions for the elderly and credits for small business owners, as well as for infrastructure projects such as highways and a new hospital.

The plan, Peña Nieto said, was meant "to recover security, establish conditions of social order and spur economic development."

Source: Los Angeles Times