Maxim crane, a Canadian company that manufactures commercial and industrial machinery, has won the $3.5 million contract to build the world’s tallest crane at a crane factory in Mexico.
Maxim said Wednesday that it had built a three-story tall structure on a site in Mexico’s Tulum region, about 120 miles north of Mexico City, with the support of a $2.8 billion government loan and a $500 million federal loan from the U.S. Department of Transportation.
It is one of four major construction projects being developed by Mexico’s state-run construction company.
The company is among a growing number of international companies looking to capitalize on the massive Mexican economy, which has become more expensive and more volatile due to a surge in violent crime.
Maximbikes the world in less than a weekThe company said the construction of the two-story structure, known as Maxim-Crocodile, would be the largest crane project in the U, adding that it would also be the first of its kind in the world.
The firm also said the project would create nearly 3,000 construction jobs and generate $30 million to $50 million in new construction taxes annually.
The $3 million was awarded to Maxim and will be repaid through the construction tax.
Mexican officials have been working to increase the country’s ability to repay loans to other construction companies.
Last week, the government announced a $7 billion loan package that will allow Mexico to build a $16 billion dam on the Pacific coast, including the project for Maxim.
Mexicans have been asking the government to help companies compete in the booming construction industry.
Last month, the International Trade Commission ruled that U.N. rules that bar foreign companies from receiving preferential access to U.T.C. programs were unconstitutional and should be amended.