Mexican billionaire sees growth opportunity after earthquake

MEXICO CITY – Mexico's richest man says reconstruction efforts from a 7.1-magntiude quake will create jobs and spur growth.

Telecom magnate Carlos Slim thinks Mexico City should rebuild with his kind of high-rise developments.

Slim said Tuesday that private donors raised $22 million for relief efforts for the Sept. 19 quake and an 8.1 quake on Sept. 7. Slim's foundation matched that five-for-one, for a total of $134 million.

Slim wasn't bothered by the current economic situation in Mexico, where the peso has dropped nearly 6 percent against the U.S. dollar in the last three weeks. That drop has been blamed on fears about a possible impasse in renegotiations of the North American Free Trade Agreement.

But Slim said World Trade Organization rules that would take the place of NAFTA are good enough.