Panama is doing a similar project called red de opportunidades.
The program basically pays mothers to keep their kids in school and going to the health clinic for vaccinations and check ups.
The end of the article talks about the limitations of such a program, basically that the program was making a significant difference in the average education of poor Mexicans, however as long as there were not jobs for those Mexicans to work the effects of the program would be limited in terms of increasing income.
Panama seems to be doing ok in this sense, that when someone is qualified they can generally find some kinda of job, even if they are underemployed. This helps increase the potential for a similar program to work, as an increase in education will probably result in a great ability to get a job.