Local governments encouraged the formation of a new kind of financial entity, which would charge prospective borrowers a fee and, in exchange, serve as a guarantor to the bank, pledging to pay for any losses in the event of a default.

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"Energy ought to be looked at on a competitive basis and not as a foreign-exchange generator, " Mr. Lozoya said, pointing to a prospective investment boost in industries ranging from gas to petrochemicals and fertilizers.

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