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Finance Minister Pedro Aspe announced late Wednesday the World Bank has approved $1.96 billion in new loans for Mexico, adding to a foreign debt that already totals $104 billion.

Aspe told an evening news conference some of the money would be invested in hydroelectric projects and the rest would be used in developing the nation's financial and industrial sectors.Aspe said the decision to approve the loans reflected a recognition of Mexico's achievements under the anti-inflationary Pact for Economic Stability and Growth.