If the document appears incomplete on the right margin, it contains tables that exceed the default width. If this is the case, click here to view it correctly.

DOF: 26/10/2020

INSTITUTIONAL PROGRAM 2020-2024 OF THE NATIONAL BANK OF PUBLIC WORKS AND PUBLIC SERVICES, S.N.C.

At the margin, a logo that says: National Bank of Public Works and Public Services, S.N.C.

Based on

articles 21, fraction II, and 23 of the Organic Law of the National Bank of Public Works and Public Services;

17, fraction II, 22 and 30 of the Planning Law;

47, 48, 49, 58, fraction II, and 59, fraction II,

of the Federal Law of Parastatal Entities and 22, first paragraph of its Regulation,

the

Institutional Program 2020-2024 of the National Bank of Public Works and Public Services, S.N.C.,

Development Banking Institution, approved by its Governing Body through agreement 076/2020 in

its session of October 1,

2020, is published.

Institutional Program 2020-2024

National Bank of Public Works and

Public Services, S.N.C., Development Banking

Institution

INSTITUTIONAL PROGRAM

DERIVED FROM THE NATIONAL DEVELOPMENT PLAN

2019-2024

Index

1.- Legal basis for the preparation of the program

2.- Acronyms and abbreviations

3.- Origin of resources for the implementation of the Program

4.- Analysis of the current situation

5.- Priority Objectives

5.1.-

Relevance of Priority Objective 1: Financial Inclusion

5.2.-

Relevance of Priority Objective 2: Financing for infrastructure projects

5.3.-

Relevance of Priority Objective 3: Promote private participation

5.4.-

Linkage of the Priority Objectives of the Banobras Institutional Program 2020-2024 with the

PRONAFIDE

6.- Priority Strategies and Specific Actions

7.- Goals for well-being and Parameters

8.- Epilogue: Vision towards the future

ANNEX: Financial information and growth of Banobras' credit portfolio

1.- Legal basis for the preparation of the program

In the Institutional Program 2020-2024 of the National Bank of Public Works and Public Services, S.N.C.,

Development Banking Institution, the objectives and goals, the expected economic and financial

results, as well as the bases for evaluating the actions carried out; the definition of strategies and

priorities; the provision and organization of resources to achieve them; the expression of programs for the

coordination of its tasks, as well as the specific actions that will guide the activities of the Entity in the

mentioned period, are established, in compliance with fraction II of article 17 of the Planning Law, which states:

"Article 17.- Parastatal entities shall:

(...)II.

Prepare their respective institutional programs, under the terms provided in this Law, the Federal

Law of Parastatal Entities or, if applicable, by the provisions that regulate their

organization and functioning, taking into account the provisions contained in the corresponding sectoral program, observing insofar as appropriate the respective environmental, economic, social and cultural variables."

In the same way, the Banobras Institutional Program is primarily based on

the provisions referring to the following regulations:

·

Political Constitution of the United Mexican States

Establishes that it corresponds to the State the leadership of national development, which will organize a

democratic planning system, and that there will be a national development plan to which the

programs of the Federal Public Administration will be subject (articles 25 and 26.A).

·

Organic Law of the National Bank of Public Works and Public Services, S.N.C.

States that the activities of the Institution will be subject to the objectives and priorities of the

National Development Plan, and especially to the National Development Financing Program

(article 2), and establishes that the purpose of the institution is "to finance or refinance projects

related directly or indirectly to public or private investment in infrastructure and public

services, as well as with the same operations to contribute to the institutional strengthening of the

Federal, state and municipal governments, with the purpose of contributing to the sustainable development of

the country" (article 3, first paragraph).

·

Planning Law

In addition to fraction II of article 17, in which it mentions that parastatal entities must

prepare their institutional programs, the Planning Law establishes that it will be the Ministry of

Finance and Public Credit who will dictate the general criteria for the preparation of the programs

under their charge, and ensure that they maintain consistency in their preparation and content (article

14 fractions III and IV), and indicates that institutional programs must be consistent with the

National Development Plan, as well as with the corresponding sectoral program (article 24).

·

Law of Credit Institutions

Establishes that each development banking institution must prepare its institutional program

in accordance with the guidelines and objectives of the National Development Plan, the National Program

of Financing for Development and other relevant sectoral programs (article 31, second paragraph), and that it is the Board of Directors who authorizes the financing program in accordance with the

goals set by the SHCP (article 42, fraction XXII).

·

Federal Law of Parastatal Entities

Instructs parastatal entities to adhere to the Planning Law, the National Development

Plan and sectoral programs when formulating their institutional programs, as

they constitute the assumption of commitments in terms of goals and results (articles 47 and 48), and

establishes that it is the faculty and obligation of the persons in charge of the General Directorates of the

entities to formulate the corresponding institutional programs (article 59, fraction II).

·

The Federal Law of Budget and Fiscal Responsibility

Establishes that coordinating departments will guide and coordinate the planning,

programming, budgeting, control and evaluation of public spending of entities located

under their coordination (article 7).

·

Regulation of the Federal Law of Parastatal Entities

States that the operation of parastatal entities will be governed by the corresponding sectoral and

institutional programs (article 22).

·

Organic Regulation of the National Bank of Public Works and Public Services, S.N.C.

Establishes that the Institution, as a development bank, will provide its services subject to the objectives and

priorities of the National Development Plan and especially to the National Program of Financing

for Development, in accordance with sectoral, regional and institutional programs (article 3), and that its purpose is to promote, finance or refinance "the priority activities carried out by the Governments

of the Federal District, the Federal Government, the states and municipalities and their respective public

parastatal and paramunicipal entities in the fields of urban development, infrastructure and

public services, housing, communications and transport and of the activities of the

construction sector" (article 4).

Likewise, for the preparation of the present Institutional Program of Banobras, the

established in the following instruments was observed:

·

National Development Plan 2019-2024

·

National Development Financing Program 2020-2024

·

National Program for Equality between Women and Men

·

Sustainable Development Goals (SDGs) of the 2030 UN Agenda

·

General Law for Equality between Women and Men

·

Criteria for preparing, dictating, approving and following up on programs derived from the

National Development Plan 2019-2024

·

Guide for the preparation of programs derived from the National Development Plan 2019-2024

In compliance with what is established in articles 29, third paragraph, 30 and 31 of the Planning Law,

Banobras is the Institution responsible for coordinating the publication, execution and follow-up of the Program.

2.- Acronyms and abbreviations

SWOT Analysis: Analysis tool used to identify the Strengths, Opportunities,

Weaknesses and Threats of a project, organization or institution

FPB: Federal Public Administration

Banobras: National Bank of Public Works and Public Services, S.N.C. Development Banking Institution

CONEVAL: National Council for the Evaluation of Social Development Policy

CFE: Federal Electricity Commission

INFRALATAM: Infrastructure investment data: Latin America and the Caribbean

SDGs: Sustainable Development Goals

WHO: World Health Organization

UN: United Nations Organization

Pemex: Mexican Petroleum

NDP: National Development Plan 2019-2024

Banobras Institutional Program: Institutional Program 2020-2024 of the National Bank of Public Works and

Public Services, S.N.C., Development Banking Institution

PRONAFIDE: National Development Financing Program 2020-2024

RPU: Public Registry of Financing and Obligations of States and Municipalities

SHCP: Ministry of Finance and Public Credit

SMCA: Air Quality Measurement Systems

UBD: Development Banking Unit of the SHCP.

3.- Origin of resources for the implementation of the Program

All the actions considered in this Program, including those corresponding to

its Priority Objectives, Priority Strategies and Specific Actions, as well as the coordination

inter-institutional work for the implementation or operation of said actions, the follow-up and reporting of the

same, will be charged to the approved budget of the Bank, in each applicable fiscal year,

in accordance with the validity of the Program.

4.- Analysis of the current situation

Since March 2020, when the WHO granted pandemic status to the spread of the virus

SARS-CoV-2, the cause of the COVID-19 disease, the world economy faces an adverse

environment due to the collateral effects that the measures applied, to contain its transmission, generate on the global economy and the Mexican economy.

Regarding this, in Mexico, the General Health Council and the Federal Government, through various

Agreements (1), declared the epidemic caused by COVID-19 as a health emergency due to

force majeure, undertaking extraordinary actions in the affected regions in the national territory.

Current estimates anticipate that the duration of the health emergency will be longer than originally expected and that this global scenario, combined with internal measures of social distancing

necessary to contain the spread of COVID-19, will have an impact on economic activity and

public finances of our country during 2020. In this context, the reactivation of economic activity

must be carried out gradually, taking into account geographic, health and population variables.

Against this backdrop, infrastructure investment is a powerful tool to promote the

economic reactivation and sustained growth that contributes to the superior objective, established by the

President of the Republic, Andrés Manuel López Obrador, in the National Development Plan 2019-2024, of generating well-being for the population, resuming the path of growth with austerity and without corruption.

In this environment, the challenges for infrastructure development in Mexico are diverse and, therefore,

represent an important challenge. The coverage, quality and interconnection of infrastructure must

improve to achieve the competitiveness that facilitates economic development, high and sustained, which

materializes in generalized well-being for the population.

The level of infrastructure in Mexico is not yet optimal; according to data from the Annual Report of

Global Competitiveness Report 2019

from the World Economic Forum, the country is classified in position 54 of

a sample of 141 countries. Although it is within the 40% of countries with the most

competitive infrastructure in the sample, it still requires greater investment to reach the level of Chile, the country

Latin American best rated in said Report, or our main trading partners, such as

the United States and Canada. The same study observes that in 6 of the 12 components rated,

Mexico is in a place lower than its general classification.

As mentioned, infrastructure investment is a trigger for long-term economic growth

by fostering job creation and boosting the development of productive sectors, in addition

to improving the quality of life of the population.

In this sense, Banobras has played a role of utmost relevance, generating conditions for

financing infrastructure in strategic sectors such as highways, water, energy, and health, among

others, since its creation to the present day.

Areas of opportunity in infrastructure development at the national level

In the recent past, long-term vision has not been sufficient for infrastructure development

to advance towards the Mexico that we want to build, in order to be able to comply with national objectives, of well-being, development and less inequality; and international, such as those established

in the Sustainable Development Goals in the 2030 UN Agenda.

As a result, opportunities have been detected for increasingly focused and

coordinated planning, which considers national and regional diagnoses that manage to close gaps. A

comprehensive planning will allow the generation of projects that address the priority needs of the

population, and will avoid delays in the provision of services, longer execution times for works and

greater costs in the long term.

On the other hand, while improving development, prioritization and management capabilities

of infrastructure, the limitation that, for infrastructure development, represents the

scarcity of budgetary resources must be addressed. Therefore, it is relevant to develop financing structures

that promote projects with own payment source to incentivize the participation of the private sector in

infrastructure financing.

Regional infrastructure gaps

The need to improve integration between sectors and levels of government, as well as strengthen the vision

regional for infrastructure development, generates an area of opportunity for the creation of synergies and

economies to foster productivity and growth of the country.

The above is one of the causes of unequal regional development in the country, showing imbalances

economic, social and environmental, as well as infrastructure gaps. In this sense, the

differences between the level of development of the south-southeast region and that of the states of the center and north of the

Republic are marked, so specific strategies are required to accelerate economic growth in the regions

with greater lag.

Needs at the municipal level

According to CONEVAL information (2) corresponding to 2015, as well as from the RPU (3), at the

municipal level there are important challenges, both in terms of lack of infrastructure, as well as access to financing.

Most municipalities in Mexico are in significant conditions of poverty and

marginalization. According to CONEVAL estimates in 2015, 75% of municipalities had more than

50% of their population in poverty and 45% of municipalities have high and very high degree of

marginalization. Especially in the south-southeast region, where 70% of municipalities with high

and very high degree of marginalization are concentrated.

On the other hand, municipalities have important basic infrastructure needs, mainly

those with a high and very high degree of marginalization, where 69% of the population presents lack of

basic infrastructure in housing.

Additionally, for most municipalities in the country access to financing is limited,

especially in the most marginalized, being one of the main factors their lack of financial capacity

and administrative, as well as the scarce own income they generate, thus perpetuating the cycle of low level of

development.

Considering the results of the RPU, from the third quarter of 2005 to the fourth quarter of 2019, it was identified

that 34% of the municipalities in the country had not obtained financing in the last 14 years. If only the set of municipalities with high and very high degree of marginalization is taken, 44% had not had access to

financing in the described period.

The role of Banobras

The first paragraph of article 3 of the Organic Law of the National Bank of Public Works and Public Services

states that the Institution, as development banking, shall have as its purpose to finance or refinance projects

related directly or indirectly to public or private investment in infrastructure and public

services, as well as with the same operations to contribute to the institutional strengthening of the Federal,

state and municipal governments, with the purpose of contributing to the sustainable development of the country.

The purpose of Banobras, as well as the objectives established in the PRONAFIDE, and the social vision of the

new administration reflected in the NDP, are reflected in its mission and vision which are stated below:

Mission

Contribute to the sustainable development of the country and to the well-being of Mexicans, through the

promotion of investment in infrastructure

and public services, and to the financial strengthening and

institutional of subnational entities.

Vision

To be recognized as an institution with financial strength; a reference in terms of inclusion, technical assistance and access to financing for the generation of infrastructure and public

services with high social impact that contribute to the reduction of gaps and to the development of

Mexico.

In accordance with the above, Banobras has mainly supported the following sectors:

Communications and transport: highways, ports, airports, railways, telecommunications,

federal transport, etc.

Energy: generation and transmission of electricity, gas pipelines, renewable energies,

oil and gas, etc.

Water: treatment plants, aqueducts, etc.

Solid waste: confinement and closure of deposits, utilization of waste for

generation of energy, etc.

Social infrastructure: hospitals, penitentiary centers, schools, parks, sports centers,

libraries, etc.

Urban infrastructure: mass urban transport, and urban roadways, etc.

Likewise, Banobras has a wide catalog of products and programs in which it has proven

experience for the provision of financial services, technical assistance and promotion of public and private investment, such as the following:

I. Products for states and municipalities

Simple credit

Credit in current account and contingent lines

Restructuring and refinancing of bank liabilities

Banobras-FAIS Program

Financial guarantees

Technical Assistance

Guaranteed refinancing

II. Project Financing Products

Credit, Co-financing and Syndicated Credits of long term

Infrastructure financing through Financial Intermediaries (Program)

Financial guarantees

Guaranteed refinancing

III. Infrastructure Promotion

Project Structuring

Mexico Projects Platform

IV. National Infrastructure Fund

Recoverable and Non-Recoverable Support

Sectoral Programs

Banobras' Participation in the Mexican Banking System

Banobras is one of the main banks, not only within development banking, but also within

the Mexican banking system. Proof of this are the figures that allow us to verify the dimension of the

Institution, as well as its importance in the financing of the country.

This position has been achieved through the sustained growth of its credit portfolio, both direct

and induced, while maintaining its financial strength (see ANNEX).

Evolution of Banobras' attention sectors

The granting of credit for infrastructure projects has diversified over time. In the

last years, a greater amount of resources was granted to the energy sector and to funding for commercial banks

that, in turn, provide financing for the development of infrastructure projects within the scope of

competence of Banobras. The above reflects the mixed character of Banobras (first and second floor), the

efforts made to induce the participation of private banking in infrastructure financing, as well as the capacity of the Bank to meet the needs of the market and the development strategies

marked by our authorities.

Although Banobras has advanced in the task for Mexico to have sufficient and

quality infrastructure, there are still significant gaps and areas of opportunity throughout the country, especially

in the regions that present greater economic lag, which require the development of infrastructure

highway, transport, telecommunications and social infrastructure and public services, which boost

in them economic activity, and promote higher levels of well-being of its population in general and, in

special, of population groups in vulnerable situations (women, indigenous, persons

disabled, children, elderly people, among others).

Guiding axes derived from the National Development Plan 2019-2024

The NDP establishes the guiding principles to which the Federal Government must align. Banobras,

attending to its purpose and sectors of attention, will take them into consideration for all its activities, in

special, the following:

• Honesty and honesty: end corruption in all public administration, not only the

monetary corruption but that which involves simulation and lies.

• No to rich government with poor people: whose objective is to put an end to waste with a policy

of republican austerity.

• Economy for well-being: in which it is proposed that the objective of economic policy is

generate well-being for the population, and resume the path of growth with austerity, without

corruption and with fiscal discipline.

• Leave no one behind, leave no one out: in which it is established that the growth

economic must be inclusive and, therefore, incorporate approaches of respect for the peoples

origin, of substantive equality between men and women, reject all forms of discrimination, and

adopt a development model respectful of inhabitants and habitat.

Likewise, Banobras, according to its purpose and sectors of attention, will define its strategies and actions

considering the purposes of the General Axes of the NDP, highlighting:

Axis 2. Social Policy.

• Sustainable development: establishes that the government of Mexico is committed to promoting

sustainable development, as an indispensable factor of well-being.

Axis 3. Economy.

Drive economic reactivation, the domestic market, and employment: states that one of the central tasks of the federal government is to drive economic reactivation, and that this will be promoted mainly through sectoral programs, regional projects, and infrastructure works.

• Respect for existing contracts and encouragement of private investment: indicates that private investment, both national and foreign, will be encouraged, and that this practice will be fundamental in regional projects, in public-private partnership modalities.

• Rescue of the energy sector: boost to Pemex and CFE, so that they return to being levers of development, is a purpose of strategic importance, and for this it is a priority to rehabilitate existing refineries, build a new refinery, and modernize the electricity generation facilities owned by the State.

• Regional projects: the three regional projects mentioned in the NDP as priorities are:

1. The Maya Train: the most important infrastructure, socioeconomic development, and tourism project of the current Administration.
2. Program for the Development of the Isthmus of Tehuantepec: will boost the economy of the south-southeast region, whose axis will be the Interoceanic Multimodal Corridor and which includes the modernization and strengthening of road, rail, port, and airport infrastructure, as well as urban infrastructure in the municipalities involved.
3. The Free Trade Zone Program of the Northern Border: includes the 43 border municipalities of Baja California, Sonora, Chihuahua, Coahuila, Nuevo León, and Tamaulipas.

National Program of Development Financing 2020-2024

Banobras's strategy is consistent with Priority Objective 6 of PRONAFIDE, as well as with the priority strategies and specific actions derived from it, which are applicable to the object and activities of Banobras presented below:

Priority Objective 6: Financing and development banking

Expand and strengthen the financing and planning of development banking and other financing vehicles of the Federal Public Administration, as well as foster greater financial inclusion of target sectors and greater participation of the private sector, to contribute to the sustained economic development of the country and social well-being.

Priority Strategy 6.1: Promote access to development banking financial services, through financing schemes and programs as well as other financial products, that allow greater inclusion of its target population that faces limitations of access to the formal private financial system.

Specific Action

6.1.3

Promote greater access to credit for infrastructure projects of the federative entities and municipalities, with special emphasis on those with a high degree of marginalization, to improve the quality of life of the population.

6.1.4

Develop mechanisms that incentivize schemes for the entry of new accredited persons, as well as graduation to the private financial system of accredited persons with short-term financing of ten or more years of seniority, to boost the competitiveness and productivity of the sectors.

Priority Strategy 6.2: Boost greater financing with the participation of the private sector in the priority sectors to contribute to national economic development.

Specific Action

6.2.1

Promote greater financing through credit and guarantees to the sectors attended by development banking, to boost productivity and competitiveness in support of economic growth and the sustainable development of the country.

6.2.2

Develop credit placement strategies in the first and second tier to strengthen the presence of development banking in its target population.

6.2.3

Strengthen the offer of guarantee schemes and programs that incentivize greater participation of private financial intermediaries, banking and non-banking, in order to increase and improve financing conditions for priority sectors.

6.2.6

Promote financing for building, housing, transport, agricultural, forestry and fishing sectors, and infrastructure projects.

6.2.7

Promote the participation of the private sector in infrastructure financing through initiatives that promote transparency, accountability, and certainty, allowing infrastructure to be developed as a reliable and attractive asset class for investment.

6.2.8

Facilitate, in coordination with the departments, the incorporation of social, environmental, and governance criteria in new and existing infrastructure projects, with the objective of developing resilient infrastructure that contributes to reducing inequality in the country.

6.2.9

Contribute to the design and implementation of schemes that improve the project preparation process and reduce the occurrence of risks of delays and cost overruns, as well as the possibilities of corruption.

Priority Strategy 6.4: Carry out actions in the matter of financial education and training, in order to contribute to the efficient and responsible use of financial resources and services.

Specific Action

6.4.2

Provide training and technical assistance to federative entities and municipalities to make more efficient use of financial resources and be able to access the credit granted by development banking and other financial institutions.

5.- Priority Objectives of the Program

The areas of opportunity identified for infrastructure development at the national level, the regional gaps, and the needs at the municipal level, oblige to define Banobras's strategy and adapt it to address these challenges and accompany the current Federal Public Administration in achieving its objectives, through the use of financial products and instruments that trigger investment, strengthen the financial inclusion of municipalities, generate significant social benefit in vulnerable groups, and maintain the financial solidity of the Institution.

For the following years, the challenge is to multiply the resources allocated to infrastructure financing through innovative financial solutions that trigger greater participation of the private sector, financial intermediaries, and investors. Likewise, it is necessary to strengthen alliances with subnational governments so that they have the financing that allows them to execute basic infrastructure works, with high social return and inclusive, that their communities demand.

Furthermore, since a differentiating element of development banking is technical assistance, it is necessary to reinforce and introduce various programs that contribute to the financial and institutional strengthening of local governments, with the objective of contributing to the reduction of municipal gaps.

With respect to financing for projects with private participation, it is necessary to work in close collaboration with the departments and strategic companies of the Federal Government that coordinate the different sectors related to infrastructure and promote schemes that contribute to guaranteeing that the development of the works that the country requires does not stop due to lack of financing, as well as designing financing policies or schemes that allow including support for vulnerable groups and a gender perspective so that projects have a greater impact on well-being.

To achieve these objectives, and given the magnitude of resources necessary for development, it is important that development banking is not a competitor of commercial banking, but a complement and inducer of the same, for its participation in the financing of infrastructure projects. In this sense, a goal of Banobras is to incentivize private and financial intermediary participation with competitive proposals, that generate social profitability, decreasing risks for participants in the private sector and even withdrawing from those mature sectors in which development banking adds little social value.

Banobras is a financially solid bank and must maintain and improve that strength, while fulfilling its social mandate, since this can only be fulfilled with sustainable financial administration.

To address the areas of opportunity described, as well as to close existing gaps, Banobras has as objectives to support economic development through the financing of infrastructure projects and promote the participation of commercial banks in the financing of the same. Likewise, to raise the quality of life of people, it has as an objective to attend to states and municipalities to promote their financial inclusion, focusing primarily on those with a high degree of marginalization.

All of this to contribute to the achievement of the objectives established in the NDP and PRONAFIDE, in sectors that allow attending to the vulnerable population and triggering sustainable and inclusive economic growth.

SWOT Analysis

The determination of the objectives, strategies, and actions that Banobras can achieve is based on an internal analysis of the strengths and weaknesses of the Institution, as well as the opportunities and threats presented by the external environment.

Strategic Management Tool

Using strategic management tools that allow linking the vision and institutional strategies with objectives and indicators, focusing not only on the performance of the Institution in the short term, but including the identification of elements that allow sustainability and effectiveness in the medium and long term, through the management of personnel, technologies, and improvement of processes, the strategic map of Banobras is presented below, which is composed of five perspectives:

1. Social Impact Perspective.- Considers the priorities that the Institution defined, within the scope of its object, to benefit society.

2. Customer Perspective.- Defines the strategy that will make the Institution different, from the customer's perspective. It focuses on directing actions both towards direct customers (development companies, states, and municipalities) and the population benefited by the financed infrastructure works.

3. Financial Perspective.- Considers the growth, profitability, and risk strategy. Includes the policies with which it will operate successfully and sustainably, while satisfying the mission and vision.

4. Internal Processes Perspective.- Focuses on a vision of the Institution's activities as a set of necessary processes with the objective of fulfilling the Institution's object.

5. Human and Technological Resources Perspective.- Defines the priorities to create a climate of support for change, innovation, and organizational growth. It focuses on human resources and computer systems as essential components for better performance.

Derived from the SWOT analysis, in the strategic map for the current administration and aligned with the mission and vision of Banobras, the following priority objectives (from the social impact perspective) are established, which are aligned with Priority Objective 6 of PRONAFIDE 2020-2024, of "Expand and strengthen the financing and planning of development banking and other financing vehicles of the Federal Public Administration fostering greater financial inclusion of target sectors and greater participation of the private sector to contribute to the sustained economic development of the country and social well-being".

The objectives, and the actions derived from them, will also observe the principles of republican austerity and corruption combat established in the NDP and pillars of the current administration, as well as the perspective of maintaining the financial solidity of the Bank and the profitability of its capital in accordance with its social and development vision, to contribute to job creation and well-being, as well as to mitigate the effects of climate change.

Based on the elements outlined above, in this section the three priority objectives that make up Banobras's Institutional Program 2020-2024 and their relevance are described, which must guide all its activities, in order to increase the country's productivity, reduce inequality, and contribute to the sustainable development of the country.

Priority Objectives of Banobras's Institutional Program

1.-

Promote greater access to credit for federative entities and municipalities, as well as the private sector, for infrastructure projects, with special emphasis on zones and regions with the highest degree of marginalization, to improve the quality of life of the population

2.-

Promote greater financing of infrastructure projects, through credit and guarantees, to promote productivity and competitiveness in support of economic growth and the sustainable development of the country

3.-

Promote the participation of commercial banks, and other agents of the private sector, in infrastructure financing

5.1.- Relevance of Priority Objective 1: Financial Inclusion

Promote greater access to credit for federative entities and municipalities, as well as the private sector, for infrastructure projects, with special emphasis on zones and regions with the highest degree of marginalization, to improve the quality of life of the population.

As mentioned in PRONAFIDE, the financial system in Mexico has low depth and penetration, high concentration, and a low level of access to credit and financial services for important segments of the population. According to CNBV data, in 2018, private sector credit participation represented 37% of GDP, while in 2017 only 9.9% of agricultural and livestock production units obtained some credit or loan to finance their activities, according to INEGI.

One of the main purposes of development banking, established in PRONAFIDE, is to remedy these market failures. The priority objective proposed is to expand and strengthen the role of development banking to drive economic growth and social well-being through greater financing and financial services to sectors and economic activities that, due to their characteristics and conditions, face limitations of access to those provided by private financial intermediaries.

In this sense, most municipalities in the country, especially the most marginalized, have not had access to financing.

In a review of the RPU, from the third quarter of 2005 to the fourth quarter of 2019, it was identified that, of the 2,457 existing municipalities, 34% had not obtained financing in the last 14 years. If only the set of municipalities with high and very high degrees of marginalization (1,100) is taken, 44% of these municipalities had not had access to financing in the described period.

An important factor in the reduced access of municipalities to financing is their lack of financial and administrative capacity, which makes it difficult for them to meet legal and regulatory requirements for debt contracting, as well as their scarce own income, which prevents them from accessing credit. Banobras has played a relevant role in the financial inclusion of municipalities. Proof of this is that, taking into account a sample of municipalities in the country that obtained some type of financing in the period 2013-2019 (1,225), Banobras supported 84% (1,028).

On the other hand, taking into account that according to CONEVAL data (4), in 75% of the municipalities more than half of their population is in a situation of poverty, in addition to the fact that municipalities with a high and very high degree of marginalization have basic housing infrastructure needs affecting 69% of their population, resulting in their situation of poverty and marginalization making them not subjects of credit, limiting their access to financing that would serve them to drive local development.

It is the aforementioned conditions that make the objective of attending to states and municipalities to promote their financial inclusion relevant, focusing primarily on those with a high degree of marginalization, in order to carry out actions to provide them with financing for the construction of infrastructure, and thus contribute to their well-being and to raise the quality of life of people.

Additionally, in line with the purpose of expanding and strengthening the role of development banking, Banobras's participation in the segment of short-term financing to federative entities and municipalities will be promoted, whose object is to finance temporary liquidity shortages.

With Banobras's participation in this segment, it will be sought to expand the lines of collaboration it maintains with states and municipalities but, above all, with those entities of the public sector that due to their characteristics and conditions, face limitations of access to these financial products in compliance with the objective set by the Organic Law of Banobras to contribute to the institutional strengthening of states and municipalities.

On the other hand, in addition to the offer of financing under accessible conditions, a differentiating element of development banking is technical assistance, which contributes to the financial and institutional strengthening of local governments.

Through Banobras's technical assistance, states, municipalities, and their agencies can obtain legal and financial advice for the contracting of financings whose destination is productive public investment. In this way, they are supported in accessing financing, as well as in the restructuring and/or refinancing of their banking and/or stock market debt, under the best market conditions; likewise, Banobras provides them with advice to determine the legal viability of a financing, as well as to prepare the necessary legal instruments for its contracting, implementation, and registration in the corresponding records.

On the other hand, technical assistance is also granted to governmental entities, municipalities, and their agencies, to strengthen their public treasury and improve their management capacity, particularly their capacity to collect contributions, through specific training and advice.

5.2.- Relevance of Priority Objective 2: Financing for Infrastructure Projects

Promote greater financing of infrastructure projects, through credit and guarantees, to promote productivity and competitiveness in support of economic growth and the sustainable development of the country.

The need to boost financing for infrastructure projects in Mexico is reflected in the fact that public and private investment is very far below countries with economies similar to Mexico, being located at 3.3% of GDP, compared to 10.2% and 7.9% in Peru and Colombia, respectively (figures from Infralatam for 2015). Likewise, it is also observed that the need to improve the coverage, quality, and interconnection of infrastructure in the country is not homogeneous. That is, regional development in the country has not been uniform, showing economic, social, and environmental imbalances, as well as infrastructure gaps. From a regional point of view, the difference of the south-southeast region with other regions of the Republic is marked:

In Table 1, the diagnosis of the economic, social, and environmental aspects of the regions of Mexico is presented:

Table 1. Diagnosis of the regions of the country

Concept

North Region

Center Region

South-Southeast Region

Economic Aspects

·

Lack of intermodal connectivity

·

Limited connectivity between tourist destinations

·

Lack of use of renewable resources

·

Lack of intermodal connectivity

·

The commercial growth of the region suggests the need to expand port infrastructure capacity

·

Limited connectivity between tourist destinations

·

Lack of intermodal connectivity

·

Limited connectivity with the rest of the regions, which hinders the sustainable growth of the region

·

Wide availability of renewable resources

Social Aspects

·

High motorization rates and dependence on private vehicles suggest the need to incentivize sustainable transport modes

·

Federative entities with high population concentration

·

High use of public transport together with insufficient coverage and maintenance reduces the quality of this transport medium

·

Limited access to electricity, sewerage, basic sanitation, and piped water contributes to high marginalization and poverty rates

·

School dropout, limited access to the education system, among others, has generated a high level of educational backlog despite the high number of schools per inhabitant

Environmental Aspects

·

High risk of experiencing drought periods

·

High degree of pressure on water resources

·

High number of schools and hospitals vulnerable to climate change

·

High degree of pressure on water resources with limited access

·

High level of risk from earthquakes and floods

·

High number of schools and hospitals vulnerable to climate change

·

Low coverage of Air Quality Measurement Systems (SMCA)

·

High level of risk from earthquakes, floods, landslides, and tropical cyclones

Source: INEGI and Integral Vision of National Infrastructure, Banobras, 2018.

To contribute to balanced regional development, Banobras has as an objective to support priority sectors and projects through infrastructure financing in the regions with the greatest deficiencies in this matter.

As has been pointed out, investment in infrastructure is one of the triggers for long-term economic development, as it fosters job generation and drives the development of productive sectors. In this sense, works such as the three major priority regional projects mentioned in the NDP will require an integral analysis of the options and optimal mechanisms for their financing, both the possibilities within Banobras's object, without compromising its financial solidity, as well as the participation of the private sector and key agents, through different forms of collaboration and financial and legal structuring.

To achieve that the coverage, quality, and interconnection of infrastructure is adequate to improve productivity and competitiveness, and that with this, a sustained economic development is facilitated that materializes in generalized well-being for the population, it is necessary to work in close collaboration with the

federal agencies that coordinate the different strategic sectors related to infrastructure

and promote schemes that contribute to ensuring that there is financing for the works

that the country requires.

At the municipal level, there are also significant challenges. Most municipalities in Mexico

are in conditions of significant poverty and marginalization.

According to estimates from CONEVAL (5) in 2015, 75% of municipalities (1,840) had more than

50% of their population in poverty and 45% of municipalities (1,100) have high and very high levels

of

marginalization.

In the south-southeast region, 70% of municipalities have high and very high levels of marginalization, while

in the north zone, the concentration of municipalities with these levels of marginalization is only 11%.

On the other hand, municipalities present significant needs for basic infrastructure, especially

those with high and very high levels of marginalization.

According to the same source (6), 69% of the population in municipalities with high and very high levels of

marginalization (10.9 million people) lack basic infrastructure in housing. This

lack refers to the lack of access to piped water for housing, lack of sewage services, lack of

electricity and fuel for cooking, other than wood or charcoal; which represents an approximate indicator

of the lack of infrastructure and public services.

Additionally, the development of infrastructure in the country requires an inclusive, sustainable and

long-term vision, which positions us in the Mexico we want to build in order to comply with the national

objectives reflected in the guiding principle of the NDP, "Leave no one behind, leave no one out", as

well as with international objectives, such as the SDGs of the 2030 Agenda.

This guiding principle has a superior and priority general scope in all public actions. It is about

orienting the country towards development with well-being, inclusive, equal and respectful of the environment,

which improves social, economic, cultural and environmental situations.

Regarding financing for infrastructure projects, it is essential to promote schemes

that contribute to ensuring that the development of the works that the country requires are inclusive and sustainable,

as well as to elaborate financing policies or schemes that allow promoting and encouraging support for

vulnerable groups, gender perspective and mitigation of the effects of climate change.

There are still significant areas of opportunity for infrastructure projects to have a greater

impact on the well-being of society and especially on specific groups of the population (women,

indigenous people, people with disabilities, children, elderly people, among others).

It is for this reason that the relevance of promoting infrastructure and public service projects that benefit

directly women and girls, vulnerable groups and care for the environment is established as a

priority that must permeate all activities of the Institution.

5.3.- Relevance of Priority Objective 3: Promote private participation

Promote the participation of commercial banks, and other agents of the private sector, in the

financing of infrastructure.

A major challenge to accelerate infrastructure development is the limitation imposed by budgets

at both the federal, state and municipal levels. In addition, at times resources are allocated to projects

that do not yet have the right of way released or with the due involvement of communities, which

generates delays in the execution of works and, therefore, an increase in costs. To complement the

budgetary financing and multiply the development of infrastructure, it is necessary to promote structures of

financing where projects generate their own source of payment and incentivize the participation of the

private initiative.

Additionally, to promote the more efficient use of resources, it is necessary to review the methodologies

of prioritization to address first those projects that are most necessary for the population, without

neglecting the timely maintenance of existing infrastructure, as well as the preparation of studies

of comprehensive feasibility, with the involvement of communities impacted by said projects.

The challenge for the coming years is to multiply the resources allocated to the financing of

infrastructure through innovative financial solutions that trigger greater participation of the private

sector, financial intermediaries and investors. For this, it is necessary to use products and instruments

financial that not only multiply public investment, but also trigger private investment, in order to

promote basic infrastructure works, with the high social return and inclusive that communities

need, while maintaining the financial solidity of the Institution.

Despite its financial strength, the resources that Banobras can channel to the financing of

infrastructure will never be sufficient to reach the levels of investment required for the

development of its sectors of attention, so inducing and encouraging the participation of commercial banks in

infrastructure, with long-term funding and guarantees to mitigate project risks, is fundamental.

5.4.- Linkage of the Priority Objectives of the Banobras Institutional Program 2020-2024 with

PRONAFIDE.

The priority objectives of the Banobras Institutional Program 2020-2024 are aligned with the priority

objective "6 Financing and development banking", of PRONAFIDE 2020-2024.

In the same way, its objectives, strategies and actions, are aligned with the policies of republican

austerity and fight against corruption established in the NDP and pillars of this administration, as well as with

the perspective of maintaining the financial solidity of the Bank and the profitability of its capital in accordance with its social and development vision, to contribute to job creation and well-being.

Priority Objectives of the

INSTITUTIONAL PROGRAM OF BANOBRAS

Priority Objectives of the

PRONAFIDE

1.-

Promote greater access to credit for the

federative entities and municipalities, as well as for the

private sector, for infrastructure projects, with

special emphasis on zones and regions with the highest

degree of marginalization, to improve the quality of

life of the population

Priority Objective 6: Financing and development

banking

Expand and strengthen the financing and the

planning of development banking and other

financing vehicles of the Federal Public Administration, as well as foster greater financial inclusion of the target sectors and a greater

participation of the private sector, to

contribute to the sustained economic development of the country and to social well-being.

2.-

Promote greater financing of infrastructure projects,

through credit and guarantees, to

promote productivity and competitiveness in support

of economic growth and sustainable development

of the country

3.-

Promote the participation of commercial banks, and

other agents of the private sector, in the financing

of infrastructure

6.- Priority Strategies and Specific Actions

The objectives proposed will be developed through the following priority strategies and specific

actions:

Priority Objective 1.- Financial Inclusion

Promote greater access to credit for federative entities and municipalities, as well as for the private

sector, for infrastructure projects, with special emphasis on zones and regions with the highest

degree of marginalization, to improve the quality of life of the population.

Priority Strategy 1.1.- Attend to municipalities and create products, differentiated according to the

degree of marginalization, through technical assistance and financing, in order to promote their

financial inclusion.

Specific Actions

1.1.1 .-

Develop financing schemes based on the specific characteristics of the

municipalities, and through technical assistance, strengthen their financial and administrative

capacity

1.1.2 .-

Improve existing products and programs and/or develop new products (with emphasis on the

attention to municipalities with the highest degree of marginalization)

Priority Strategy 1.2 .- Identify projects and create products or programs, in order to

promote the financing of infrastructure works, in order to improve the quality of life of the

population.

Specific Actions

1.2.1 .-

Identify complementary works in the areas of influence of priority projects that

allow covering the needs of local governments and, if applicable, establish special

financing and technical assistance programs

1.2.2 .-

Participate in the realization of priority projects, supporting in the structuring of the

same, as well as in the accompaniment of regional projects defined in the NDP, such as

the Tren Maya, the Program for the Development of the Isthmus of Tehuantepec, and the Program Free Trade Zone of the Northern Border

Priority Objective 2.- Financing for infrastructure projects

Promote greater financing of infrastructure projects, through credit and guarantees,

to promote productivity and competitiveness in support of economic growth and sustainable development

of the country.

Priority Strategy 2.1.- Identify projects, programs and define actions, together with

other entities of the Federal Public Administration, for their financing and generation of

innovative solutions, which promote economic growth and sustainable development of the country.

Specific Actions

2.1.1 .-

Establish coordination with other entities of the FPA, to strengthen the promotion of new

projects

2.1.2 .-

Improve existing products and programs and, if applicable, develop new products for

financing projects

2.1.3 .-

Maintain the financial solidity of the Bank and the profitability of its capital in accordance with its social

and development vision

2.1.4 .-

Expand and strengthen financing for infrastructure projects, orienting it towards sectors

considered priority, as well as regional development projects

Priority Strategy 2.2 .- Support projects that contribute to gender equity, the

incorporation of population groups in situations of vulnerability and the mitigation of climate

change.

Specific Actions

2.2.1 .-

Promote support for projects that contribute to the fight against discrimination and inequality,

and that mitigate climate change

2.2.2 .-

Improve and, if applicable, design products and schemes that foster the incorporation of

components that benefit women, population groups in situations of vulnerability

and the

environment in infrastructure and public service projects, through preferential

financing conditions when projects include said components

2.2.3 .-

Incorporate social, equality and non-discrimination, and environmental criteria in the aspects of the

Bank's operation

2.2.4 .-

Establish a process for the evaluation of the socioeconomic impact of investment projects

financed by the Bank

Priority Objective 3.-

Promote private participation

Promote the participation of commercial banks, and other agents of the private sector, in the

financing of infrastructure.

Priority Strategy 3.1 .- Improve existing products and programs and/or develop new

products, to encourage the participation of private banks

Specific Actions

3.1.1 .-

Facilitate mechanisms for competitive long-term funding for private financial intermediaries

3.1.2 .-

Promote the participation of commercial banks in the financing of infrastructure through

co-financing and guarantee schemes, among others.

7.- Well-being Targets and Parameters

In order to monitor progress in achieving the priority objectives, Banobras will

follow up on the indicators and targets established in PRONAFIDE, as well as institutional indicators,

which are the following:

Priority

Objective

Well-being Targets

Parameters

1

1.1

Growth in Financial

Inclusion of Sector 1, 2

1.2

Municipal Inclusion 1

1.3

Inclusion of new accredited entities 1, 2

2

2.1

Growth in the Balance of

Direct and Induced Credit

to the Private Sector 1, 2

2.2

Growth of the Balance of Direct and Induced Credit

in Municipalities

1

2.3

Financing of new accredited entities

1, 2

3

3.1

Increase in the number

of commercial banks and

other agents of the private

sector newly accredited

3.2

Projects financed by Banobras with participation

of commercial banks and other agents of the private

sector

3.3

Commercial banks and other agents of the private

sector, attended by the business area, in the

stage of promotion of products and services of

Banobras

1

Indicators and targets established in PRONAFIDE 2020-2024

2

Includes States, Municipalities and Projects with own source of payment

Priority

Objective

Monitoring Indicators

1

1.4

Financial Inclusion of the Sector by stratum 1

1.5

Inclusion of new accredited entities by stratum 1

1.6

Inclusion of Municipalities with Technical Assistance 1

2

2.4

Growth in the Balance of Direct and Induced Credit to the Private Sector by stratum 1

2.5

Financing of new accredited entities by stratum 1

2.6

Support for priority infrastructure projects

2.7

Financing of priority projects of the Federal Government

2.8

Inclusion of infrastructure projects that generate benefits to the environment,

located in the states of the priority regions.

2.9

Financing of infrastructure projects that generate benefits to the environment,

located in the states of the priority regions

2.10

Inclusion of infrastructure projects that generate benefits to the environment,

located in municipalities with very high and high marginalization

2.11

Financing of infrastructure projects that generate benefits to the environment,

located in municipalities with very high and high marginalization

2.12

Inclusion of infrastructure projects with a gender component and population

groups in situations of vulnerability 2

2.13

Financing of infrastructure projects with a gender component and population

groups in situations of vulnerability 2

1

Indicators and targets established in PRONAFIDE 2020-2024

2

Classified by state, municipality and degree of marginalization: very high, high, medium, low and very low

The indicators and targets established in this Institutional Program are derived from the analysis for the

contribution in the elaboration of the NDP and PRONAFIDE, which are defined specifically for

Banobras in the latter, and additional indicators to follow up on the compliance with the priority

objectives.

Well-being Target for Priority Objective 1

TARGET ELEMENTS FOR WELL-BEING OR PARAMETER

Name

Growth in Financial Inclusion of the Sector

Priority Objective

Promote greater access to credit for federative entities and municipalities, as well as for the private

sector, for infrastructure projects, with special emphasis on zones and regions with the highest degree of

marginalization, to improve the quality of life of the population

Definition or description

It is a strategic indicator established in PRONAFIDE that measures the total growth rate, in the

period 2019-2024, of the total accumulated number of accredited entities (projects with own source of payment,

states and municipalities), supported with direct and induced financing.

Starting from 501 accredited entities active in the direct and induced credit portfolio at the close of 2018, and

add the new accredited entities to which support is provided through financing during the period of 2019-

2024. As new accredited entities, they can only be counted once, even if several

disbursements are made for the same accredited entity during the indicated period

Level of disaggregation

Projects with own source

of payment, as well as

states and municipalities

Periodicity or frequency of measurement

Annual

Type

Strategic

Accumulated or periodic

Accumulated

Unit of measure

Percentage

Data collection period

As of December 31 of the year corresponding

Dimension

Effectiveness

Information availability

In March of the year immediately

following the close

Expected trend

Ascending

Unit responsible for reporting progress

DGA de Planeación

Calculation method

Growth in Financial Inclusion of the Sector =(((Total number of new accredited entities in the portfolio of

direct and induced credit of the corresponding year + Number of accredited entities active in the portfolio of

direct and induced credit of the base year (2018)) / Number of accredited entities active in the portfolio of direct and induced credit of the base year (2018))-1)*100

Observations

New accredited entities are defined as projects with own source of payment, states and municipalities to

which financing is granted during the period 2019-2024, counting them only once, even if

several disbursements are made for the same project during the indicated period

APPLICATION OF THE CALCULATION METHOD FOR OBTAINING THE BASELINE

Variable Name 1

Total number of new

accredited entities in the portfolio of

direct and induced credit of the corresponding year

Variable

Value 1

0

Information Source

Variable 1

DGA de Planeación,

with data from

Banobras Accounting

Variable Name 2

Number of accredited entities active

in the direct and induced credit portfolio

of the base year (2018)

Variable

Value 2

501

Information Source

Variable 2

DGA de Planeación,

with data from

Banobras Accounting

Substitution in

calculation method

Growth in Financial Inclusion of the Sector =(((0+501)/501))-1)*100=0% n.d.

BASELINE VALUE AND TARGETS

Baseline

Note on the baseline

Value

0%

Because the base year of the indicator is 2018, information from

previous years is not included

Year

2018

Target 2024

Note on the 2024 target

155.9%

The target is a total growth of 155.9% as of December 31, 2024, compared to the

accredited entities active as of December 31, 2018 (baseline), which implies an average annual growth rate

of 17.0%. Some of the assumptions to achieve compliance with the target for 2024 are: having

a level of highway infrastructure investment from SCT that generates a sufficient number

of projects requiring financing, a strategy for participation in the electricity market, that

competent instances foster conditions for more active participation in

financing the health sector, as well as the issuance of new criteria and regulatory improvements that facilitate

the placement of credits to states and municipalities, mainly those with the highest degree of marginalization

HISTORICAL SERIES OF THE WELL-BEING TARGET OR PARAMETER

2012

2013

2014

2015

2016

2017

2018

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

0.0%

TARGETS.

2019

2020

2021

2022

2023

2024

19.96%

45.30%

61.87%

108.78%

136.72%

155.9%

n.a. = not applicable

Parameter 1 of Priority Objective 1

TARGET ELEMENTS FOR WELL-BEING OR PARAMETER

Name

Municipal Inclusion

Priority Objective

Promote greater access to credit for federative entities and municipalities, as well as for the private

sector, for infrastructure projects, with special emphasis on zones and regions with the highest

degree of marginalization, to improve the quality of life of the population

Definition or description

It is a strategic indicator established in PRONAFIDE that measures the total growth rate, in

the period 2019-2024, of the total accumulated number of accredited entities (municipalities), supported with

direct and induced financing.

Starting from 364 accredited entities active in the direct and induced credit portfolio at the close of 2018, and

add the new accredited entities to which support is provided through financing during the period

of 2019-2024. As new accredited entities, they can only be counted once, even if

several disbursements are made for the same accredited entity during the indicated period

Level of disaggregation

Municipalities

Periodicity or frequency

of measurement

Annual

Type

Strategic

Accumulated or periodic

Accumulated

Unit of measure

Number of municipalities

Data collection period

As of December 31 of the year corresponding

Dimension

Effectiveness

Information availability

In March of the year immediately

following the close

Expected trend

Ascending

Unit responsible for

reporting progress

DGA de Planeación

Calculation method

Municipal Inclusion = Municipalities with financing active at the close of 2018 + the number of

new municipalities accumulated during the indicated period

Observations

New accredited municipalities are defined as municipalities to which

financing is granted during the period 2019-2024, counting them only once, even if

several disbursements are made for the same municipality during the indicated period.

APPLICATION OF THE CALCULATION METHOD FOR OBTAINING THE BASELINE

Variable

Name 1

Municipalities with financing

active at the close of 2018

Variable Value

1

364

Information Source

Variable 1

DGA de Planeación, with

data from Banobras Accounting.

Variable

Name 2

Number of new municipalities accumulated during the period

indicated

Variable Value

2

0

Information Source

Variable 2

DGA de Planeación, with

data from Banobras Accounting

Substitution in

calculation method

Municipal Inclusion = 364+0 = 364

BASELINE VALUE AND TARGETS

Baseline

Note on the baseline

Value

364

The baseline is the 364 municipalities active in the portfolio of

direct and induced credit at the close of 2018

Year

2018

Target 2024

Note on the 2024 target

943 municipalities

The target refers to the total number of municipalities that have been

accredited during the period 2019-2024, without repetition.

Some of the assumptions to achieve compliance with the target

for 2024 are: the issuance of new criteria and improvements

regulatory that facilitate the placement of credits to states and

municipalities, mainly those with the highest degree of marginalization.

HISTORICAL SERIES OF THE WELL-BEING TARGET OR PARAMETER

2012

2013

2014

2015

2016

2017

2018

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

364

n.a. = not applicable

Parameter 2 of Priority Objective 1

TARGET ELEMENTS FOR WELL-BEING OR PARAMETER

Name

Inclusion of new accredited entities

Priority Objective

Promote greater access to credit for federative entities and municipalities, as well as for the private

sector, for infrastructure projects, with special emphasis on zones and regions with the highest degree

of marginalization, to improve the quality of life of the population

Definition or description

It is a monitoring indicator established in PRONAFIDE that measures the total accumulated number of

accredited entities (projects with own source of payment, states and municipalities), supported with financing

direct and induced, in the period 2019-2024.

Starting from 501 active accredited borrowers in the direct and induced credit portfolio at the close of 2018, and adding new accredited borrowers supported through financing during the 2019-2024 period. As new accredited borrowers, they can only be counted once, even if multiple disbursements are made for the same borrower during the specified period.

Level of disaggregation Projects with own payment source, as well as states and municipalities

Periodicity or frequency of measurement Annual

Type Strategic

Accumulated or periodic Accumulated

Unit of measure Number of new accredited borrowers

Data collection period As of December 31 of the corresponding year

Dimension Effectiveness

Information availability In March of the year immediately following the close

Expected trend Ascending

Responsible unit for reporting progress DGA de Planeación

Calculation method Inclusion of new accredited borrowers = Total number of new accredited borrowers in the direct and induced credit portfolio of the corresponding year + Number of active accredited borrowers in the direct and induced credit portfolio at the close of the base year (2018)

Observations New accredited borrowers are defined as projects with own payment source, states, and municipalities to which financing is granted during the 2019-2024 period, counting them only once, even if multiple disbursements are made for the same project during the specified period.

APPLICATION OF THE CALCULATION METHOD FOR OBTAINING THE BASELINE

Variable 1 Name Total number of new accredited borrowers in the direct and induced credit portfolio of the corresponding year.

Variable 1 Value 0

Variable 1 Information Source DGA de Planeación, with data from Contabilidad Banobras

Variable 2 Name Number of active accredited borrowers in the direct and induced credit portfolio at the close of the base year (2018).

Variable 2 Value 501

Variable 2 Information Source DGA de Planeación, with data from Contabilidad Banobras

Substitution in calculation method Inclusion of new accredited borrowers = 0 + 501 = 501

BASELINE VALUE AND TARGETS

Baseline Note on the baseline Value 501 The baseline value is the number of active accredited borrowers in the direct and induced credit portfolio as of December 31, 2018.

Year 2018

Target 2024 Note on the 2024 target 1,282 The target is a total of 1,282 new accredited borrowers as of December 31, 2024. Some of the assumptions to achieve the 2024 target are: having a level of highway infrastructure investment from the SCT that generates a sufficient number of projects requiring financing, a strategy for participation in the electricity market, that competent instances foster conditions for more active participation in financing the health sector, as well as the issuance of new criteria and regulatory improvements that facilitate the placement of credits to states and municipalities, primarily those with the highest degree of marginalization.

HISTORICAL SERIES OF THE TARGET FOR WELL-BEING OR PARAMETER

2012 n.a. 2013 n.a. 2014 n.a. 2015 n.a. 2016 n.a. 2017 n.a. 2018 501 n.a. = not applicable

Target for well-being of Priority Objective 2

ELEMENTS OF TARGET FOR WELL-BEING OR PARAMETER

Name Growth of Direct and Induced Credit Balance (Promoted) to the Private Sector

Priority Objective Promote greater financing of infrastructure projects, through credit and guarantees, to promote productivity and competitiveness in support of economic growth and the sustainable development of the country

Definition or description It is a strategic indicator established in PRONAFIDE that measures the total growth rate, in the 2019-2024 period, of the credit balance (direct and induced), active as of December 31. It includes net financing of projects with own payment source, states, and municipalities.

Level of disaggregation Projects with own payment source, as well as states and municipalities

Periodicity or frequency of measurement Annual

Type Strategic

Accumulated or periodic Accumulated

Unit of measure Percentage

Data collection period As of December 31 of the corresponding year

Dimension Effectiveness

Information availability In March of the year immediately following the close

Expected trend Ascending

Responsible unit for reporting progress DGA de Planeación

Calculation method Growth of Direct and Induced Credit Balance (Promoted) to the Private Sector = ((Total amount of Direct and Induced Credit Balance to projects with own payment source, states, and municipalities of the corresponding year / Direct and Induced Credit Balance to projects with own payment source, states, and municipalities of the base year (2018)) - 1) * 100

Observations The indicator does not refer to the total financing granted, but to the credit balance active as of December 31 of the year to be reported. It considers the balance active at the close of the previous year, the new financings granted, and the payments (ordinary and extraordinary) made by the accredited borrowers during the corresponding year.

APPLICATION OF THE CALCULATION METHOD FOR OBTAINING THE BASELINE

Variable 1 Name Credit balance as of 31-12-2018

Variable 1 Value 446,128

Variable 1 Information Source Contabilidad Banobras

Variable 2 Name Credit balance as of 31-12-2018

Variable 2 Value 446,128

Variable 2 Information Source Contabilidad Banobras

Substitution in calculation method Growth of Direct and Induced Credit Balance (Promoted) to the Private Sector = ((446,128/446,128) - 1) * 100 = 0%

BASELINE VALUE AND TARGETS

Baseline Note on the baseline Value 0% Because the base year of the indicator is 2018, information from previous years is not included.

Year 2018

Target 2024 Note on the 2024 target 41.9% The target is a total growth of 41.9% as of December 31, 2024, compared to the balance active as of December 31, 2018, which implies an average annual growth rate of 6.0%. Some of the assumptions to achieve the 2024 target are: not having extraordinary advance payments, having a level of highway infrastructure investment from the SCT that generates a sufficient number of projects requiring financing, a strategy for participation in the electricity market, that competent instances foster conditions for more active participation in financing the health sector, as well as the issuance of new criteria and regulatory improvements that facilitate the placement of credits to states and municipalities, primarily those with the highest degree of marginalization.

HISTORICAL SERIES OF THE TARGET FOR WELL-BEING OR PARAMETER

2012 n.a. 2013 n.a. 2014 n.a. 2015 n.a. 2016 n.a. 2017 n.a. 2018 0% n.a. = not applicable

TARGETS.

2019 6.0% 2020 12.4% 2021 19.1% 2022 26.2% 2023 33.8% 2024 41.9% n.a. = not applicable

Parameter 1 of Priority Objective 2

ELEMENTS OF TARGET FOR WELL-BEING OR PARAMETER

Name Growth of Direct and Induced Credit Balance (Promoted) in Municipalities

Priority Objective Promote greater financing of infrastructure projects, through credit and guarantees, to promote productivity and competitiveness in support of economic growth and the sustainable development of the country

Definition or description It is a strategic indicator established in PRONAFIDE that measures the growth rate, in the 2019-2024 period, of the credit balance (direct and induced), active as of December 31 of each year, granted for financing to municipalities.

Level of disaggregation Municipalities

Periodicity or frequency of measurement Annual

Type Strategic

Accumulated or periodic Accumulated

Unit of measure Percentage

Data collection period As of December 31 of the corresponding year

Dimension Effectiveness

Information availability In March of the year immediately following the close

Expected trend Ascending

Responsible unit for reporting progress DGA de Planeación

Calculation method Growth of Direct and Induced Credit Balance (Promoted) in Municipalities = ((Total amount of Direct and Induced Credit Balance to Municipalities of the corresponding year / Direct and Induced Credit Balance to Municipalities of the base year (2018)) - 1) * 100

Observations The indicator does not refer to the total financing granted, but to the credit balance active as of December 31 of the year to be reported. It considers the balance active at the close of the previous year, the new financings granted, and the payments (ordinary and extraordinary) made by the accredited borrowers during the corresponding year.

APPLICATION OF THE CALCULATION METHOD FOR OBTAINING THE BASELINE

Variable 1 Name Credit balance as of 31-12-2018

Variable 1 Value 25,490

Variable 1 Information Source Contabilidad Banobras

Variable 2 Name Credit balance as of 31-12-2018

Variable 2 Value 25,490

Variable 2 Information Source Contabilidad Banobras

Substitution in calculation method Growth of Direct and Induced Credit Balance (Promoted) in Municipalities = ((25,490/25,490) - 1) * 100 = 0%

BASELINE VALUE AND TARGETS

Baseline Note on the baseline Value 0% Because the base year of the indicator is 2018, information from previous years is not included.

Year 2018

Target 2024 Note on the 2024 target 52.9% The target is a total growth of 52.9% as of December 31, 2024, compared to the balance active as of December 31, 2018, which implies an average annual growth rate of 7.3%. Some of the assumptions to achieve the 2024 target are the issuance of new criteria and regulatory improvements that facilitate the placement of credits to Municipalities, primarily those with the highest degree of marginalization.

HISTORICAL SERIES OF THE TARGET FOR WELL-BEING OR PARAMETER

2012 n.a. 2013 n.a. 2014 n.a. 2015 n.a. 2016 n.a. 2017 n.a. 2018 0% n.a. = not applicable

Parameter 2 of Priority Objective 2

ELEMENTS OF TARGET FOR WELL-BEING OR PARAMETER

Name Financing of new accredited borrowers

Priority Objective Promote greater financing of infrastructure projects, through credit and guarantees, to promote productivity and competitiveness in support of economic growth and the sustainable development of the country

Definition or description It is a monitoring indicator established in PRONAFIDE that measures the granting of direct and induced credit during the 2019-2024 period, of new accredited borrowers who have been attended to during the year being reported, without repeating them in the same year. This indicator does not refer to the credit balance (direct and induced) active at the close of each year, but to the accumulated sum of the total amount of credit granted during the year being reported to new accredited borrowers. For this indicator, new accredited borrowers are understood to be projects with own payment source, states, and municipalities to which credit is granted during the corresponding year, regardless of whether they have already been accredited in other years of the 2019-2024 period.

Level of disaggregation Projects with own payment source, as well as states and municipalities

Periodicity or frequency of measurement Annual

Type Strategic

Accumulated or periodic Accumulated

Unit of measure Millions of pesos

Data collection period As of December 31 of the corresponding year

Dimension Effectiveness

Information availability In March of the year immediately following the close

Expected trend Ascending

Responsible unit for reporting progress DGA de Planeación

Calculation method Financing of new accredited borrowers = Total amount of credit granted during the 2019-2024 period, to new accredited borrowers.

Observations The indicator does not refer to the credit balance active as of December 31 of the year to be reported, but to the financing granted to new accredited borrowers, during the year to be reported, accumulated during the 2019-2024 period.

APPLICATION OF THE CALCULATION METHOD FOR OBTAINING THE BASELINE

Variable 1 Name Total amount of credit granted during the year period

Variable 1 Value 0

Variable 1 Information Source DGA de Planeación, with data from Contabilidad Banobras

Variable 2 Name n.a.

Variable 2 Value n.a.

Variable 2 Information Source n.a.

Substitution in calculation method Financing of new accredited borrowers = 0

BASELINE VALUE AND TARGETS

Baseline Note on the baseline Value 0 Data recording with the characteristics of this indicator is counted starting from 2019, so the baseline value in 2018 is 0.

Year 2018

Target 2024 Note on the 2024 target 66,114 The information on financing of new accredited borrowers will start to be prepared starting from 2019

HISTORICAL SERIES OF THE TARGET FOR WELL-BEING OR PARAMETER

2012 n.a. 2013 n.a. 2014 n.a. 2015 n.a. 2016 n.a. 2017 n.a. 2018 0 n.a. = not applicable

Target for well-being of Priority Objective 3

ELEMENTS OF TARGET FOR WELL-BEING OR PARAMETER

Name Increase in the number of commercial banks and other private sector agents newly accredited

Priority Objective Promote the participation of commercial banking, and other private sector agents, in the financing of infrastructure

Definition or description It is a strategic indicator that measures the number of banks and other private sector agents with which a credit line for financing infrastructure projects has been formalized during the 2019-2024 period, counting them only once even if more than one credit line is formalized for them during the specified period.

Level of disaggregation Banks and other private sector agents

Periodicity or frequency of measurement Annual

Type Strategic

Accumulated or periodic Accumulated

Unit of measure Number of banks and other private sector agents

Data collection period As of December 31 of the corresponding year

Dimension Effectiveness

Information availability In March of the year immediately following the close

Expected trend Ascending

Responsible unit for reporting progress DGA de Planeación

Calculation method Number of commercial banks and other private sector agents newly accredited = Sum of banks and other private sector agents with a formalized credit line during the period corresponding to which it is reported.

Observations The indicator shows the accumulated number of banks and other private sector agents to whom a credit line for financing infrastructure projects has been formalized during 2019-2024, without repetition (each bank and/or private sector agent is counted only once, even if more than one credit line is formalized for them during the specified period).

APPLICATION OF THE CALCULATION METHOD FOR OBTAINING THE BASELINE

Variable 1 Name Sum of banks and other private sector agents with a formalized credit line during the period, without repetition

Variable 1 Value 0

Variable 1 Information Source DGA de Financiamiento a Proyectos

Variable 2 Name n.a.

Variable 2 Value n.a.

Variable 2 Information Source n.a.

Substitution in calculation method Number of commercial banks and other private sector agents newly accredited = 0

BASELINE VALUE AND TARGETS

Baseline Note on the baseline Value 0 The number of banks and other private sector agents with a formalized credit line will start to be counted from January 1, 2019.

Year 2018

Target 2024 Note on the 2024 target 7 The target is a total of 7 banks and/or other private sector agents with a formalized credit line, accumulated during the 2019-2024 period, without repetition. Some of the assumptions to achieve the 2024 target are: having comprehensive and long-term planning of infrastructure projects susceptible to being financed, to provide greater certainty to the private sector.

HISTORICAL SERIES OF THE TARGET FOR WELL-BEING OR PARAMETER

2012 n.a. 2013 n.a. 2014 n.a. 2015 n.a. 2016 n.a. 2017 n.a. 2018 0

TARGETS

2019 1 2020 3 2021 4 2022 5 2023 6 2024 7 n.a. = not applicable

Parameter 1 of Priority Objective 3

ELEMENTS OF TARGET FOR WELL-BEING OR PARAMETER

Name Projects financed by Banobras with participation of commercial banking and other private sector agents

Priority Objective Promote the participation of commercial banking, and other private sector agents, in the financing of infrastructure

Definition or description It is a monitoring indicator that measures the accumulated number of infrastructure projects financed through credit lines granted by Banobras to banks or other private sector agents during the 2019-2024 period, counting them once the first disbursement of the corresponding financing is made.

Level of disaggregation Infrastructure projects

Periodicity or frequency of measurement Annual

Type Strategic

Accumulated or periodic Accumulated

Unit of measure Number of infrastructure projects

Data collection period As of December 31 of the corresponding year

Dimension Effectiveness

Information availability In March of the year immediately following the close

Expected trend Ascending

Responsible unit for reporting progress DGA de Planeación

Calculation method Projects financed by Banobras with participation of commercial banking and other private sector agents = Sum of infrastructure projects financed through credit lines granted by Banobras to banks or other private sector agents in the corresponding year.

Observations

APPLICATION OF THE CALCULATION METHOD FOR OBTAINING THE BASELINE

Variable 1 Name Sum of infrastructure projects financed through credit lines granted by Banobras to banks or other private sector agents

Variable 1 Value 0

Variable 1 Information Source DGA de Planeación, with data from Contabilidad Banobras

Variable 2 Name n.a.

Variable 2 Value n.a.

Variable 2 Information Source n.a.

Substitution in calculation method Projects financed by Banobras with participation of commercial banking and other private sector agents = 0

BASELINE VALUE AND TARGETS

Baseline Note on the baseline Value 0 The number of infrastructure projects financed with participation of commercial banking and other private sector agents will start to be counted from January 1, 2019.

Year 2018

Target 2024 Note on the 2024 target n.a. n.a.

HISTORICAL SERIES OF THE TARGET FOR WELL-BEING OR PARAMETER

2012 n.a. 2013 n.a. 2014 n.a. 2015 n.a. 2016 n.a. 2017 n.a. 2018 0 n.a. = not applicable

Parameter 2 of Priority Objective 3

ELEMENTS OF TARGET FOR WELL-BEING OR PARAMETER

Name Commercial banks and other private sector agents, attended by the business area, in the stage of promotion of Banobras products and services

Priority Objective Promote the participation of commercial banking, and other private sector agents, in the financing of infrastructure

Definition or description It is a monitoring indicator that measures the number of commercial banks and other private sector agents, attended by the business area, in the stage of promotion of Banobras products and services, during the 2019-2024 period.

Level of disaggregation Commercial banks and other private sector agents

Periodicity or frequency of measurement Annual

Type Management

Accumulated or periodic Accumulated

Unit of measure Number

Data collection period As of December 31 of the corresponding year

Dimension Effectiveness

Information availability January 31 of the year immediately following the reported year

Expected trend Ascending

Responsible unit for reporting progress DGA de Planeación

Calculation method Commercial banks and other private sector agents, attended by the business area, in the stage of promotion of Banobras products and services = Sum of commercial banks and other private sector agents, attended by the business area, in the stage of promotion of Banobras products and services.

Observations

APPLICATION OF THE CALCULATION METHOD FOR OBTAINING THE BASELINE

Variable 1 Name Sum of commercial banks and other private sector agents, attended by the business area, in the stage of promotion of Banobras products and services.

Variable 1 Value 0

Variable 1 Information Source DGA de Financiamiento a Proyectos

Variable 2 Name n.a.

Variable 2 Value n.a.

Variable 2 Information Source n.a.

Substitution in calculation method Commercial banks and other private sector agents, attended by the business area, in the stage of promotion of Banobras products and services = 0

BASELINE VALUE AND TARGETS

Baseline Note on the baseline Value 0 The number of commercial banks and other private sector agents, attended by the business area, in the stage of promotion of Banobras products and services will start to be counted from January 1, 2019.

Year 2018

Target 2024 Note on the 2024 target n.a. n.a.

HISTORICAL SERIES OF THE TARGET FOR WELL-BEING OR PARAMETER

2012 n.a. 2013 n.a. 2014 n.a. 2015 n.a. 2016 n.a. 2017 n.a. 2018 0 n.a. = not applicable

8.- Epilogue: Vision towards the future

In the five years comprising this Institutional Program, infrastructure investment will have become an important factor for post-COVID-19 economic recovery. Banobras will have collaborated with the Government of Mexico to achieve sustainable economic development and reduce existing inequality gaps, through financing for the development of infrastructure works and public services, as well as greater promotion of private investment in the sector, with a priority focus on regions of lower development, and therefore higher marginalization, to achieve maximum social benefit with the financed works.

For 2024, it will be achieved to have infrastructure planning that, based on national and regional diagnostics, will have well identified the gaps that remain and will prioritize the projects that must be developed to address the priority needs of the population.

Better integration between sectors, levels of government, as well as a regional vision, will have been fostered, which will allow creating synergies and economies to promote productivity and balanced growth of the country. In this sense, infrastructure planning will have a long-term vision, independent of political cycles.

The above will increase the impact of Banobras' actions by having clarity on the priorities for infrastructure development, maintaining its financial solidity.

An increasing number of municipalities will have access to financing, both public and private, for the development of infrastructure projects. The technical assistance provided by Banobras, will have

fostered that the municipalities with the highest levels of marginalization improve their financial, institutional, and administrative capacities to access financing that serves as a boost for their development, as well as for long-term infrastructure planning, improving their social conditions and quality of life, and reducing levels of marginalization.

Banobras will have succeeded in accompanying the Federal Public Administration in achieving its objectives through the use and innovation of financial products and instruments that trigger investment in infrastructure, strengthening the financial inclusion of municipalities, and generating significant social benefit for population groups in situations of vulnerability, while at the same time maintaining the financial solidity of the Institution.

On the other hand, through innovative financial solutions, Banobras will have helped trigger greater participation of the private sector, financial intermediaries, and investors, which will multiply the available resources for the development of infrastructure and accelerate its growth and coverage, with which it will be achieved that the south-southeast region advances in closing the gap with the rest of the country.

Alliances with sub-national governments will be strengthened to have the financing that allows them to promote basic infrastructure works, and the communities themselves will actively participate in the development of priority projects, which will generate a high and inclusive social return for them.

At the national level, close collaboration with federal departments that coordinate the different strategic sectors related to infrastructure will make it possible to promote schemes that contribute to guaranteeing that the development of the works that the country requires does not stop due to lack of financing.

Through financing policies or schemes that promote that the planning and development of infrastructure projects take into account the specific needs of vulnerable groups, the gender perspective, and the mitigation of the effects of climate change, it will be achieved to transform the vision that infrastructure is neutral in terms of discrimination and with limited quantification of its impact on the environment, towards one that will incorporate attention to all types of users (women, children, elderly, disabled, indigenous, among others) and give greater relevance to the analysis and indicators to avoid negative effects on natural resources.

The progress achieved during the six-year term will ensure that infrastructure is an instrument for the development of Mexico, attending to the population in an inclusive manner and triggering sustainable economic growth, achieving the reduction of gaps between people and between regions.

In a 20-year horizon, Mexico will be at the level of its North American partners both in infrastructure, as well as in development and well-being.

ANNEX: Financial information and growth of Banobras' credit portfolio

Financial Solidity

As of the end of 2019, Banobras has solid financial indicators that allow it to continue granting financing to its target sector

Indicator

Banobras

Development Banking

Commercial Banking

Capitalization Index (ICAP)*

18.86%

18.88%

16.14%

Delinquency Index (IMOR)

0.56%

1.91%

2.20%

Coverage Index (ICOR)

442.22%

193.10%

146.01%

Return on Equity (ROE)

7.18

2.62

15.48

Source: National Banking and Securities Commission (CNBV). Preliminary data as of December 2019

(*Preliminary data as of

November 2019).

ICAP: Net Capital / Total assets subject to risk

IMOR: Overdue portfolio / Total credit portfolio

ICOR: Preventive estimation for credit risks / Overdue portfolio

ROE: Net result (accumulated 12 months) / Equity capital, 12-month average

Historical and expected growth of the credit portfolio

Throughout its history, Banobras has evolved to promote the development of the infrastructure and public services that the country requires. An example is the growth of its credit portfolio, both direct and induced. In the case of the former, it consists of traditional financing, refinancing, and restructuring; the latter refers to financial guarantees, sureties, and contingent credit lines.

From 2013 to the end of 2018, the direct and induced credit portfolio to projects with own payment source, states, and municipalities increased by 52% (nominal), which is equivalent to an average growth rate of 8.8%.

Maintaining a composition with greater participation for states and municipalities, with respect to the total portfolio.

As of the end of 2019, the total balance of direct and induced credit is 481,140 million pesos for projects with own payment source, states, and municipalities, while, for the public sector, the figure closed at 43,430 million pesos.

Historical granting by Banobras

The granting of direct credit in the period 2013 to 2018 for projects with own payment source, states, and municipalities had a relatively constant growth, around 56,000 million pesos average annual.

For 2019, the granting closed at 58,304 million pesos, highlighting the placement of direct credit for states and

municipalities.

Regarding the granting of guarantees, the participation of the private sector in the financing of infrastructure and public service projects has been incentivized, to contribute to addressing the needs of local governments and projects within the sectors of attention of Banobras.

Mexico City, October 22, 2020. - The Deputy General Director of Planning, Jorge Villarreal Wood. - Signature.

1

Agreement by which the General Health Council recognizes the epidemic of disease caused by the SARS-CoV2 virus (COVID-19) in Mexico as a serious disease of priority attention, as well as the activities of preparation and response to said epidemic are established, published in the Official Gazette of the Federation on March 23, 2020.

Agreement by which extraordinary actions are declared in the affected regions of the entire national territory in matters of general health to combat the serious disease of priority attention generated by the SARS-CoV2 virus (COVID-19), published in the Official Gazette of the Federation on March 27, 2020.

Agreement by which the epidemic of disease generated by the SARS-CoV2 virus (COVID-19) is declared as a health emergency due to force majeure, published in the Official Gazette of the Federation on March 30, 2020.

2

CONEVAL. Statistical Annex of Poverty at the Municipal Level 2010 and 2015. In Measuring poverty, United Mexican States,

2010-2015. Poverty indicators by municipality. Available at: https://www.coneval.org.mx/Medicion/Paginas/ AE_pobreza_municipal.aspx

3

RPU. List of Financing and Obligations of Federal Entities and Municipalities registered in the Unique Public Registry, from the third quarter of 2005, to the fourth quarter of 2019. Available at: https:// www.disciplinafinanciera.hacienda.gob.mx/es/DISCIPLINA_FINANCIERA/Registro_Publico_Unico

4

Ibid., and CONEVAL. Social lag index 2015 at the national, state, and municipal level. Available at: https:// www.coneval.org.mx/Medicion/IRS/Paginas/Indice_Rezago_Social_2015.aspx

5

CONEVAL. Ibid.

6

CONEVAL. Ibid.

In the document you are viewing, there may be text, characters, or objects that do not display correctly due to conversion to HTML format, so we recommend always taking the digitized image of the DOF or the PDF file of the edition as a reference. The content, form, and scope of published documents are the strict responsibility of their issuer.

CONSULT

BY DATE

Do

Lu

Ma

Mi

Ju

Vi

Sá

INDICATORS

Exchange Rate and Rates as of 28/08/2026

DOLLAR

16.9712 UDIS

8.808812 TIIE 28 DAYS

6.7559% TIIE 91 DAYS

6.7931% TIIE 182 DAYS

6.8474% TIIE DE FONDEO

6.50%

See more

SURVEYS

Did you like the new image of the Official Gazette of the Federation website?

No

Yes

Official Gazette of the Federation

Río Amazonas No. 62, Col. Cuauhtémoc, C.P. 06500, Mexico City Tel. (55) 5093-3200, where you can access our menu of services

Electronic address: dof.gob.mx

113

LEGAL NOTICE | SOME RIGHTS RESERVED © 2026