Institutional Program 2025-2030 of the National Bank of Public Works and Services, S.N.C., Development Banking Institution

DOF: 11/20/2025

INSTITUTIONAL PROGRAM 2025-2030 OF THE NATIONAL BANK OF PUBLIC WORKS AND SERVICES, S.N.C.

A seal with the National Emblem appears at the margin, which reads: United Mexican States.- Treasury.- Secretariat of Finance and Public Credit.

INSTITUTIONAL PROGRAM 2025-2030
NATIONAL BANK OF PUBLIC WORKS AND SERVICES, S.N.C., DEVELOPMENT BANKING INSTITUTION

1. Table of Contents

1. Table of Contents
2. Acronyms and Abbreviations
3. Identification of the Source of Resources for the Program
4. Legal Basis
5. Diagnosis of the Current Situation and Long-Term Vision
6. Objectives
7. Strategies and Lines of Action
8. Indicators and Targets
9. Strategic Follow-Up Factors

2. Acronyms and Abbreviations

ALC: Latin America and the Caribbean.
ASG: Environmental, Social, and Gender.
ASIPONAS: Administrations of the National Port System.
BANOBRAS/Bank/Institution: National Bank of Public Works and Services, S.N.C., Development Banking Institution.
BID: Inter-American Development Bank.
CFE: Federal Electricity Commission.
CONAGUA: National Water Commission.
CONEVAL: National Council for the Evaluation of Social Development Policy.
DR: Irrigation Districts.
FONADIN: Trust 1936. National Infrastructure Fund.
FAIS: Contributions Fund for Social Infrastructure.
GWh: Gigawatt-hour. h m³ : Cubic hectometer.
INEGI: National Institute of Statistics and Geography. km: Kilometers. mdd: Millions of dollars. mdp: Millions of pesos. mbd: Millions of barrels per day. mmbpce: Millions of barrels of crude oil equivalent. MW: Megawatt. m³ /s: Cubic meter per second. m³ /hab/año: cubic meters per inhabitant per year. OCDE: Organisation for Economic Co-operation and Development. ODS: Sustainable Development Goals. ONU: United Nations Organization. Pemex: Mexican Petroleum. PIB: Gross Domestic Product. PND 2025-2030: National Development Plan 2025-2030. PRONAFIDE 2025-2030: National Program for Development Financing 2025-2030. RGD: General Distribution Networks. RNT: National Transmission Network. RPU: Single Public Registry. RSU: Urban Solid Waste. SEMARNAT: Secretariat of Environment and Natural Resources. SEN: National Electrical System. SICT: Secretariat of Infrastructure, Communications and Transport. SHCP: Secretariat of Finance and Public Credit. TIC: Information and Communication Technologies. TSM:
Mexico's Sustainable Taxonomy.
UR: Irrigation Units.

3. Identification of the Source of Resources for the Program

The National Bank of Public Works and Services, S.N.C., Development Banking Institution, in its capacity as an Entity of the Federal Public Administration Parastatal, Majority State-Owned Enterprise, National Credit Society, and Development Banking Institution, is established as a Coordinated, Non-Supported Entity with Indirect Control, whose own revenues are not included in the Revenue Law, and whose expenditures do not form part of the total net spending.

In this sense, all actions considered in the Program, including those corresponding to its objectives, strategies, and lines of action, as well as inter-institutional coordination tasks for the implementation of said actions, their monitoring, reporting, and accountability, will be carried out from the budget authorized for this Financial Institution; therefore, it will not be necessary to request additional public resources beyond the authorized budget, always adhering to the principles of the Federal Republic Austerity Law.

4. Legal Basis

The Institutional Program 2025-2030 of BANOBRAS is a strategic instrument that defines the objectives, targets, and expected results in the economic and financial spheres. Through this program, BANOBRAS establishes a clear vision of its role as a driver of national development, particularly in the financing of infrastructure and public service projects that contribute to generating shared prosperity.

The document specifies the strategies and priorities that will guide BANOBRAS's actions, ensuring their alignment with the policies and guiding documents of the Government of Mexico, and orienting them towards maximizing the positive impact of its operations.

These strategies are designed to foster national and regional sustainable development, promote social inclusion of vulnerable groups, and respond to national needs in terms of infrastructure and public services. Furthermore, the Program defines concrete actions that will guide BANOBRAS's management during the 2025-2030 period, prioritizing actions that contribute to strengthening institutional capacities and shared prosperity. This is done in compliance with Section II of Article 17 of the Planning Law.

Similarly, BANOBRAS's Institutional Program 2025-2030 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 to direct national development, which will organize a democratic planning system for national development, 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, Inciso A).

Organic Law of the National Bank of Public Works and Services States that the activities of the Institution will be subject to the objectives and priorities of the NDP, and especially to PRONAFIDE (Article 2), and establishes that the object 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 Section II of Article 17, in which it mentions that parastatal entities must elaborate their institutional programs, the Planning Law establishes that the Secretariat of Finance and Public Credit will dictate the general criteria that dependencies and entities of the Federal Public Administration must observe for the elaboration of the programs under their charge, and ensure consistency in their elaboration and content (Article 14, Sections III and IV), and indicates that institutional programs must be consistent with the NDP, as well as with the corresponding sectoral program (Article 24).

Credit Institutions Law
Establishes that each development banking institution must elaborate its institutional program in accordance with the guidelines and objectives of the National Development Plan, the National Program for Financing for Development, and other relevant sectoral programs (Article 31, first and second paragraphs), and that the Board of Directors authorizes the financing program in accordance with the targets set by the SHCP (Article 42, Section XXII).

Federal Law of Parastatal Entities
Instructs parastatal entities to adhere to the Planning Law, the NDP, and sectoral programs when formulating their institutional programs, as they constitute the assumption of commitments in terms of targets and results (Articles 47 and 48), and establishes that it is the faculty and obligation of the Heads of General Directorates of the entities to formulate the corresponding institutional programs (Article 59, Section II).

Federal Budget and Fiscal Responsibility Law
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 Services, National Credit Society, Development Banking Institution Establishes that the Institution, as a development bank, will provide its services subject to the objectives and priorities of the NDP and especially PRONAFIDE, in accordance with sectoral, regional, and institutional programs (Article 3), and that its object is to promote, finance, or refinance "the priority activities carried out by the Federal Governments, of Mexico City, state, and municipal governments and their respective public parastatal and paramunicipal entities in the scope of urban development, infrastructure, and public services sectors, housing, communications and transport, and of the construction branch activities" (Article 4).

Likewise, for the elaboration of this Institutional Program of BANOBRAS, the following instruments were observed:

• NPD 2025 - 2030;
• PRONAFIDE 2025 - 2030;
• Mexico Plan;
• SDGs of the UN 2030 Agenda;
• General Law for Equality between Women and Men;
• Criteria for the management, evaluation, and updating of programs derived from the National Development Plan 2025-2030; and
• Guide for the elaboration of programs derived from the National Development Plan 2025-2030.

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, review, and follow-up of the Program.

5. Diagnosis of the Current Situation and Long-Term Vision

I. Diagnosis of the Current Situation

1. Importance of Investment in Infrastructure

Infrastructure is key to economic development, territorial integration, and social well-being, as it drives productive activity, promotes innovation, and helps reduce economic, social, and gender inequalities, facilitating the incorporation of all regions into national development. Its benefits can be grouped into four key dimensions:

Table 1. Benefits of investment in infrastructure

Dimension
Benefit

1. Boost to Economic Growth
   Essential for sustained economic growth, improves mobility, connectivity, reduces logistical costs, and expands access to markets. Investing in resilient infrastructure can generate global net benefits of up to 4.2 trillion dollars, with a return of 4 dollars for every dollar invested (1).

2. Increase in Productivity
   The relationship between infrastructure and productivity is direct. According to the IDB, if LAC countries were to reach levels of investment and efficiency in infrastructure similar to those of the OECD, total factor productivity growth could increase by up to 0.6 percentage points annually, which would represent a 75% increase compared to its historical average (2).

3. Improvement of Competitiveness
   The quality of infrastructure is an essential component for strengthening the competitiveness of countries. The World Bank (3) and the OECD (4) highlight that modern and sustainable infrastructure facilitates productive integration, improves commercial logistics, attracts foreign investment, and reduces territorial inequalities. In recent evaluations on competitiveness, the sustainability approach has been incorporated, emphasizing that infrastructure must be resilient, low-carbon, and socially inclusive to maintain long-term competitiveness.

4. Job Generation
   Investments in infrastructure generate direct employment during the construction and operation phases, and indirect employment through productive linkages and improvement in economic activity. The IDB (5) estimates that an investment of 1,000 million dollars can generate up to 35,000 jobs in sectors such as water and sanitation, energy, and transport. Jobs associated with infrastructure tend to be better paid and have higher levels of formality (6).

Source: Elaborated by BANOBRAS with data taken from different information sources.

It is important to recognize that there are two types of infrastructure with complementary functions. Economic infrastructure, such as roads, ports, energy, and telecommunications, is fundamental to enabling investments, reducing costs, and improving productive competitiveness. On the other hand, social infrastructure, such as schools, hospitals, care centers, and public spaces, contributes directly to people's well-being by expanding access to rights and improving living conditions. Both types are indispensable for the inclusive and balanced development of the country (7). This classification is relevant to adequately measure the impact of each type of infrastructure in the economic or social well-being spheres.

2. Infrastructure Sector: Global and National Overview

2.1 Global Overview

In a global environment characterized by greater uncertainty and stricter financial conditions, the infrastructure sector faces significant challenges. In the short and medium term, there is a growing demand for sustainable, efficient, and resilient infrastructure, driven by population growth, social inequality, accelerated urbanization, and the energy transition. According to projections from the G20 Global Infrastructure Outlook, the global infrastructure deficit will reach 0.55% of world GDP ($15 trillion) by 2040, if investment is not substantially increased, particularly in regions such as Latin America, Sub-Saharan Africa, and South Asia (8). This gap is an opportunity to channel investment towards projects for economic development, environmental sustainability, and climate resilience.

According to the IDB, from 2019 to 2030, LAC countries need to increase investment by 70%, moving from 1.8% to 3.12% of the region's GDP to expand and maintain the infrastructure necessary to meet the SDGs: 59% must be allocated to investments for new infrastructure and 41% to investments for maintenance and replacement (9). In the case of Mexico, according to the SHCP, public investment in physical infrastructure averaged 2.7% of GDP between 2018 and 2024 (10), placing it below the threshold recommended by the IDB of 5% of GDP.

Quality infrastructure is key to sustainable development, promoting economic growth, social inclusion, and environmental resilience. In LAC, it must be a priority in public policies, especially in the face of challenges such as climate change. Its resilience is essential to meet the SDGs, particularly Goal 9 "Industry, Innovation and Infrastructure" and the commitments of the Paris Agreement.

Regarding its financing, mixed investments allow mobilizing private resources, sharing risks, and boosting innovation in infrastructure projects. According to World Bank data, between 2018 and 2023, private participation in infrastructure (11) in LAC was $114,617 million, mainly destined for electricity projects (12).

Graph 1: Private Participation in Infrastructure: Latin America and the Caribbean

Number of projects by sector: 473
Investment by sector: $114,617 million
Others: bridges, tunnels, channels. Source: World Bank.

Source: Prepared by BANOBRAS with information from the World Bank.

2.2 National Overview

Total investment in the country, measured through the gross fixed capital formation index, has been decelerating. Private investment, which has represented an average of 19.7% of GDP since 2018, has maintained the same trend as total investment, but public investment has begun to show negative rates.

On the other hand, since 2020, budgeted physical investment has maintained levels above 2.5% of GDP. By components, investments in the energy, education, communications and transport, health, drinking water, and sewerage sectors stand out; together they represent, on average, only 0.4% of GDP.

Graph 2: Total Public and Private Investment

Gross Fixed Capital Formation
(Annual % variation, seasonally adjusted figures) (Percentage of GDP)

Source: Prepared by BANOBRAS with information from the Economic Information Bank, INEGI.

Graph 3: Budgeted Physical Investment

(% of GDP)

Source: Prepared by BANOBRAS with information from the Economic Information Bank, INEGI.

Budgeted physical investment focuses on the construction of public infrastructure fundamental for economic and social development. Others: includes autonomous branches, administrative, and general (Contributions Fund for Social Infrastructure - FAIS, Contributions for the Strengthening of Municipalities and Territorial Demarcations of the Federal District - FAFM, Contributions for Public Security - FASP, and Contributions for the Strengthening of Federative Entities - FAFEF). Source: Timely Statistics, SHCP.

In this context, based on national and international standards to identify infrastructure gaps, BANOBRAS has estimated additional investment needs of $2 trillion 676,267 million pesos. These resources are key to driving intermodal connectivity, balanced regional development, and sustainable urban growth.

In Mexico, between 2018 and 2023, private participation in infrastructure was $13,577 million, destined to 61 projects, mainly for generation, transmission, and distribution of electricity.

Graph 4: Private Participation in Infrastructure: Mexico

Number of projects by sector: 61
Investment by sector: $13,577 million
Source: Prepared by BANOBRAS with information from the World Bank.

2.3 Identified Public Problems

BANOBRAS has been able to identify the following public problems that require attention to maximize the benefits that investment in infrastructure can generate in boosting economic development and improving the quality of life of the population:

Table 2: Public problems related to infrastructure

Public Problem
Description

1. Insufficient public and private investment
   Historical backlog accumulated in key sectors such as transport, drinking water, sanitation, health, and energy.

2. Inequality in access and quality of infrastructure.
   Federative entities and municipalities with lower fiscal capacity face difficulties in financing and executing infrastructure projects. Connectivity, productivity, and social well-being are limited in various regions of the country.

3. Need to strengthen technical capacities in subnational governments.
   Need to strengthen processes for identification, planning, structuring, and execution of projects at the subnational level.

4. Lack of integration of sustainability criteria in infrastructure projects.
   Hinders the fulfillment of Mexico's commitments in terms of climate change and inclusive sustainable development.

5. Lack of gender-focused infrastructure.
   Infrastructure is not gender-neutral. If components with a gender perspective are not included in projects, the development possibilities of women, adolescents, and girls are affected.

Source: Prepared by BANOBRAS with its own information.

3. Diagnosis of Infrastructure Subsectors

An integral diagnosis of infrastructure in Mexico requires an analysis of the subsectors that compose it. In this sense, considering the classification of economic and social infrastructure, the subsectors attended by BANOBRAS are described below.

3.1 Highway Sector

3.1.1 Current Situation

The highway sector is fundamental for connectivity, competitiveness, and the economic and social integration of the country. According to the Mexican Institute of Transport, the National Road Network considers an extension of 916,078 km. This Network considers the total paved network, most of the unpaved roads, the main thoroughfares of urban and rural localities, and linking infrastructure (bridges, tunnels, toll plazas, and kilometer markers).

On the other hand, the National Highway Network is classified into (13):

• Federal Network: covers 53,985 km, 43,371 km correspond to free federal highways and 10,614 km are toll roads. It includes 11 trunk corridors with a total length of 19,780.6 km.
• Feeder Network: comprises 138,946 km and connects rural areas and localities to the Federal Highway Network (14).
• Rural Network: 159,176 km connecting rural and remote areas.
• Unpaved Roads: it is estimated that unpaved roads and tracks cover 57,842 km.

Graph 5, Table 3: Composition of the National Highway Network 2023/2024 (kilometers)

Source: Statistical Yearbook of the Infrastructure, Communications and Transport Sector 2023 and National Highway Infrastructure Program 2025.

Images 1 and 2: Federal Highway Network and Trunk Axes (length, kilometers)

Federal Highway Network
Trunk Axes

Source: National Highway Infrastructure Program 2025 - 2030 and Statistical Yearbook of the SICT, 2023.

3.1.2 Identified Problematics

The following gaps and problematics were identified in the sector:

Table 4: Identified problematics

Identified Problematic
Description

Low maintenance
30% of the federal network with unstable flow. 28% of highways in the southeast have unstable service due to their poor condition.

Limited accessibility
12% of the population in Guerrero, Oaxaca, and Chiapas lacks adequate access to paved highways. 40% of localities (4.9% of the total population) have low or very low accessibility to paved highways.

Congestion at urban accesses and border crossings High saturation levels at accesses to major cities and commercial corridors.

Road insecurity
Lack of surveillance on highways and deficient safety infrastructure.

Lack of sustainable projects
Barriers in investment and technology to integrate sustainability into highway infrastructure.

Source: Prepared by BANOBRAS with its own information.

From the current diagnosis, BANOBRAS estimated an investment gap of $570,268 million pesos to expand and modernize trunk axes, build bypasses, and strengthen operational capacity at border crossings.

3.2 Railway Sector

3.2.1 Current Situation

Mexico operates a hybrid railway system, with predominance of freight trains. This segment has achieved significant advances, but passenger transport faces infrastructure and frequency challenges. Most of the tracks are designed for commercial use, which hinders the development of high-speed or interurban passenger trains.

The Railway Statistical Yearbook, with 2023 figures (15), highlights the following:

Table 5: Highlighted elements of the Railway Statistical Yearbook with 2023 figures

Rail Freight Transport

131.48 million tons of freight were transported, 2.35% more than the previous year. 92.1 billion ton-kilometers were recorded, 5.81% more than in 2022. Foreign trade freight transport mobilized 93.9 million tons (71.48% of the total mobilized by the Mexican railway sector).

Rail Passenger Transport

It mobilized 45.8 million passengers, 11.78% more than in 2022, and a total of 1,014.9 million passenger-kilometers. This subsector is divided into interurban and suburban services. Interurban transport represents 0.53% of passengers transported. Suburban transport has experienced relevant growth; in 2023, it transported 45.7 million passengers, showing an increase of 11.8% compared to 2022, and reached 962.2 million passenger-kilometers, an annual increase of 24%.

Source: Prepared by BANOBRAS with information from SICT and the Railway Transport Regulatory Agency.

As of 2023, the Mexican railway network reached 27,732 km. The main lines, with 18,024 km, are key for heavy freight and transport between economic nodes, while secondary and private lines complement national logistics.

Railway plays a strategic role in commercial integration under the Treaty between Mexico, the United States, and Canada, facilitating trilateral exchange, especially in the agricultural and automotive sectors. About 60% of freight crosses borders with the United States and Canada, taking advantage of expedited processes and joint inspections. This connectivity has favored regional development and logistical efficiency in North America. Additionally, the railway sector is an economic engine with competitive rates and around 16,000 direct jobs in Mexico. For every job in the railway system, four more are generated in linked industries, reflecting its relevance in the national productive chain.

Diagram 1: Railway System Lines

• Includes slopes and level crossings.

Concessions may be granted through bidding to build, operate, and exploit the lines; however, ownership remains with the Federation. On the other hand, assignments are those given by SICT to states, municipalities, and parastatal entities.

Source: 6th Work Report, SICT, 2024.

3.2.2 Identified Problem

Rail transport in Mexico faces significant challenges such as insufficient operational capacity, poor maintenance, with 43% of the tracks in poor condition, and lack of multimodal integration, which limits its competitiveness against road transport. In freight, it is necessary to relocate and modernize facilities, while in passenger transport, it is urgent to expand the suburban and interurban network.

This context represents an opportunity to align railway development with climate commitments as it is a low-emission means of transport. In this way, the following problems were identified for the growth of the freight and passenger railway sector:

Table 6: Identified problem in the freight and passenger railway sector

Subsector	Identified Problem
Freight Transport	Limited capacity and low density compared to other countries, mobilizing only 13% of land freight. Insufficient infrastructure, saturated routes, and poorly located freight yards that affect logistical efficiency. The restrictive regulatory framework limits competition, security problems raise costs, and reduce competitiveness. Passenger Transport

Source: Prepared by BANOBRAS with its own information.

BANOBRAS estimates an investment gap in the railway sector of 476,511 million pesos. Priorities include, in freight, improving intermodal connectivity with ports, bypasses, and intermodal terminals; and in passengers, the expansion and modernization of interurban transport.

3.3 Port Sector

3.3.1 Current Situation

The port sector represents a logistical engine that allows connecting production chains with national and international markets. Mexico has 118 port terminals, along 11,122 km of coast, of which 103 are ports and 15 terminals (6 specialized and 9 multipurpose).

Diagram 2: Structure of the National Port Sector

APIS: Integrated Port Administration.

Source: Prepared by BANOBRAS with information from SICT - Ports and Marine.

The port sector faces challenges such as industrial concentration in the central zone and limited multimodal connectivity, which has generated logistical imbalances and weak linkage between ports and the local economy. In response, SICT has adopted an integral vision of port planning, strengthening the role of ASIPONAS as agents of regional development.

According to SICT, in 2023, more than 294 million tons of total freight were mobilized through the port system, of which 80% corresponds to ASIPONAS. Additionally, there is connectivity with 63 countries through 316 ports; by sea, 38% of imports and 20% of exports were carried out, and 9% of ports managed by federal ASIPONAS have railway connection.

3.3.2 Identified Problem

The Mexican port sector faces backlogs in operational efficiency, infrastructure quality, and connectivity, which limits its international competitiveness.

Table 7: Characteristics of the port sector in Mexico

Index/Variable/Gap

Description

Container Port Performance Index (CPPI) 2023 (16)

Of the 405 ports analyzed by this index globally, Mexico's 3 most important ports by total freight (Veracruz, Manzanillo, and Lázaro Cárdenas) occupied positions 124, 331, and 50, respectively. In the Port Services Efficiency Index of the World Economic Forum (2019) (17), Mexico was located in position 63 of 141 countries, with a score of 55.2. These results reflect deficiencies in frequency, speed, and service quality, as well as in the capacity to handle large-scale vessels. Maritime Connectivity

Source: Prepared by BANOBRAS with its own information.

In this sense, BANOBRAS identified an investment gap of 91,600 million pesos to modernize and expand port infrastructure, including the reception of large-draft vessels, specialized terminals, and logistical capacity.

3.4 Electric Sector

3.4.1 Current Situation

The electric sector is key to the economic development of Mexico. It covers generation, transmission, distribution, and energy marketing. The Energy Reform of 2025 aims to redefine the structure of the electric system. To this end, it seeks to guarantee supply at affordable prices, strengthen state participation in the sector by converting CFE into a State Public Enterprise, and promote renewable energies.

Mexico has an installed capacity at the national level of 89,008 MW. In 2023, total net generation increased by 3.8%, reaching 345,502 GWh, with combined cycle and conventional thermal technologies being leaders in production.

On the other hand, the trunk transmission network of the SEN has 12 international links, 110,685 km of RNT lines, 89,008 MW of interconnected capacity, 99.43% coverage at the national level, and energy losses in the RNT and RGD of 12.2% (19).

Graphs 6 and 7: Installed capacity and national electric generation

2023: Installed Capacity 1 /
2023: Generation 2 /

1/ Installed capacity in operation, excludes plants under test. 2/ Net generation in commercial operation and tests, injected into the SEN grid. Other renewables: considers wind, photovoltaic, hybrid PV-Battery, and bioenergy.

Source: SENER (2024). National Electric System Development Program 2024 - 2038, pages 187 and 202.

3.4.2 Identified Problem

The following gaps and problems have been identified in the sector:

Table 8: Identified problem in the electric sector

Identified Problem

Description

Installed Capacity and Generation

It is necessary to expand and modernize generation capacity to meet growing demand, strengthen energy sovereignty, and take advantage of the potential of clean energies. There are limitations in storage infrastructure, which affects SEN stability. It is a priority to develop strategic projects that mitigate the intermittency of renewable sources and incorporate advanced technologies for reliable, efficient, and sustainable operation. Transmission, Distribution, and Marketing

Source: Prepared by BANOBRAS with its own information.

Based on the current diagnosis, BANOBRAS estimated an investment gap of 569,829 million pesos to develop key infrastructure in electricity generation and transmission.

3.5 Hydrocarbons

3.5.1 Current Situation

With the Constitutional Reform of 2025, Pemex becomes a State Public Enterprise and energy sovereignty is promoted, in addition to strengthening state participation in the supply chain.

According to the National Hydrocarbons Commission (now National Energy Commission), as of January 1, 2024, Mexico reached a volume of proven hydrocarbon reserves (1P) of 8,383 mmbpce, an increase of 2.7% compared to 2023 (20). In that same year, the average crude oil production was 1,821 bpd, which represented a drop of 5.9% compared to the previous year.

3.5.2 Identified Problem

The following problem has been identified related to exploration and production, as well as transformation and logistics:

Table 9: Identified problem in the hydrocarbons sector

Identified Problem	Description
Exploration and Production (E&P)	Pemex faces a portfolio of fields in the decline stage, which requires strengthening exploration in deep waters and unconventional resources. The incorporation of new technologies is limited, which affects efficiency in secondary and enhanced recovery. The capture and use of gas would allow reducing emissions and improving operational performance. Transformation and Logistics

Source: Prepared by BANOBRAS with its own information.

3.6 Water Sector

3.6.1 Current Situation

With 133 million inhabitants (21), Mexico faces increasing pressure on its water resources, due to climate change, high transport and treatment costs, and intense water demand from sectors such as agriculture, public-urban use, and domestic use.

The NDP 2025-2030 identifies that per capita water availability has decreased from 17,742 m³/hab/year to 3,656 m³/hab/year per inhabitant over seven decades and projects 3,285 m³/hab/year for 2030.

The country has extensive but unequal infrastructure in coverage and efficiency. The southeast concentrates the greatest natural water availability, while the north and center face scarcity. Currently, there are 6,500 dams and reservoirs, 6.6 million hectares of irrigation, more than 3,000 km of aqueducts, through which 215.6 m³/s of water is collected and 988 water treatment plants. Additionally, there are more than 6,000 municipal and industrial wastewater treatment plants.

Table 10: Characteristics of Hydraulic Infrastructure in Mexico

Infrastructure	Current
Dams and Reservoirs	6,500 storage dams and reservoirs: 150 thousand hm³ of total capacity; 210 concentrate 85% of the national total. Drinking Water and Sewerage

DR: considers works, such as storage basins, direct diversions, pumping plants, wells, channels, and roads, among others. UR: are agricultural areas with infrastructure and irrigation systems different from smaller irrigation districts.

Source: Prepared by BANOBRAS with information from CONAGUA.

3.6.2 Identified Problem

Based on the current situation, the following gaps in the sector were identified:

Image 3: Identified gaps in the water sector

Source: Prepared by BANOBRAS with information from CONAGUA.

The water sector problem in Mexico is grouped into four categories:

Table 11: Water sector problem in Mexico

Categories	Description

1. | Insufficient infrastructure to treat wastewater and backlogs in sanitation, especially in rural and periurban areas.
2. | Low operational and technological efficiency in treatment plants.
3. | Low use of treated water and fragmented management.
4. | Financial and institutional limitations with scarce resources and lack of sustainable investment to modernize water infrastructure.

Source: Prepared by BANOBRAS with its own information.

Based on the current situation, BANOBRAS identified an investment gap of 436,520 million pesos to improve the physical efficiency of the water system, modernize dams and aqueducts, and promote projects in priority hydrological zones.

3.7 Education, Health, and Progressive Care System

3.7.1 Current Situation

Social infrastructure in Mexico, centered on essential services such as education, health, and care centers, is key to human development and equity. Although public investment and regulatory frameworks have been strengthened, there are still gaps that hinder universal and equitable access to these basic services.

The health system, at the national level, has 5,019 hospitals, 132,699 beds, and 10,074 operating rooms (22). Likewise, the national educational system at its initial, preschool, primary, secondary, and high school levels has more than two million teachers, 258,000 schools, and an enrollment of more than 33 million students (23). Regarding the care system, the lack of infrastructure deepens inequality between men and women, as according to the National Survey for the Care System of 2022, nine out of ten caregivers are women. The absence of accessible centers for child, elderly, or disabled care limits the exercise of rights and hinders the economic participation of millions of women, even though the value of unpaid tasks is equivalent to 26.4% of national GDP.

3.7.2 Identified Problem

BANOBRAS identified the following problems and gaps in health, education, and care system infrastructure:

Table 12: Identified problem in the education, health, and Progressive Care System sector

Sector	Identified Problem
Health	Obsolete infrastructure, lack of maintenance, insufficient equipment, limited coverage, shortage of specialized hospitals, and unequal access to services in rural areas. Investments are required in at least 30 new infrastructure works per year until 2030, 319,000 additional beds, 26,000 operating rooms, and up to 226,000 clinics. Education

Source: Prepared by BANOBRAS with its own information.

In this sense, BANOBRAS identified an investment gap of 169,831 million pesos in health, oriented towards the construction of second and third-level hospitals, as well as the expansion and rehabilitation of first-level clinics. In education, the gap amounts to 86,335 million pesos, with needs in school infrastructure remediation, construction of high school campuses, and their expansion. Regarding the care system, an investment gap of 24,885 million pesos is estimated to build 3,500 childcare centers, 266 centers for the elderly, and 611 for people with disabilities.

3.8 Urban Mass Transport

3.8.1 Current Situation

Urban Mass Transport is key to guaranteeing equitable access to basic services and fostering social inclusion, especially in densely populated areas. Additionally, it improves the efficiency of the mobility system, reduces traffic congestion, and mitigates environmental impacts.

In Mexico, public transport mobilizes more than 21.3 million people daily. Of this total, 89% uses medium and low-capacity collective services, while only 11% travels via mass transport systems such as metro, bus rapid transit systems (BRT), trolleybuses, and light rail (25).

3.8.2 Identified Problem

Urban Mass Transport in Mexico presents structural problems that directly impact urban quality of life, city competitiveness, and the fulfillment of environmental and sustainable mobility targets. Among the main challenges identified are: limited coverage and obsolete networks that do not respond to urban growth; deficiencies in service quality and accessibility, and low level of environmental sustainability.

In this sense, BANOBRAS identified an investment gap of 196,800 million pesos to modernize metro and light rail lines, expand BRT systems, and implement Integral Transport Systems.

3.9 Urban Solid Waste

3.9.1 Current Situation

Waste management policy in Mexico has evolved towards an integral model that prioritizes reduction, recycling, and energy valorization. This change has been backed by regulatory frameworks such as the General Law for the Prevention and Integral Management of Waste and NOM-083-SEMARNAT, which align with SDG 12 "Responsible Production and Consumption" and promote the circular economy.

RSU Generation: According to INEGI (26), in 2022, nearly 40 million tons of RSU were collected. In 2023, SEMARNAT reported generation of over 44 million tons. Of the total waste generated, 70% comes from domestic sources, while the rest corresponds to commercial, service, and small industry activities. 68% of RSU are generated in urban areas, where 77% of the population resides and 82% of GDP is concentrated. By 2030, RSU generation in Mexico is estimated to reach 56 million tons annually.

RSU Collection: Collection is a critical stage within the RSU management chain, ensuring its transfer to transfer centers, recycling plants, or final disposal sites. Nationally, an average coverage of 87% is estimated, with marked differences between regions: in metropolitan areas such as Mexico City, coverage reaches 100%; in rural areas and marginalized communities, gaps persist due to limited infrastructure and available resources. In 2022, the country had a fleet of 17,593 collection trucks for waste management. Only 23% of vehicles are recent (2018 or later) with high operational efficiency. (27)

Transfer Stations: Transfer, treatment, and valuation infrastructure for RSU is fundamental for efficient management, especially in metropolitan areas. In 2022, 123 municipalities used transfer stations to compact and classify RSU before sending them to final disposal or treatment. Nationally, there are 132 stations or transfer centers (28), 54% are concentrated in six states (29), and 81.8% of the total are managed by the public sector.

RSU Valuation: Mexico has key infrastructure that allows the use of RSU, among which stands out (30):

Table 13: Characteristics of RSU infrastructure in Mexico

Material Separation Centers | 43 facilities process an average of 1,253 tons daily; 84% come from Mexico City (9% are recyclable and 91% organic waste). Collection Centers (31) | 874 centers process an average of 31.56 tons daily of recyclable materials (73% are paper, cardboard, and PET). Treatment Plants | 48 plants that process an average of 5,661 tons daily of waste through processes such as separation, shredding, compaction, and composting. Only 42.3% (2,394 tons) are recovered as recyclable materials.

Source: Prepared by BANOBRAS with its own information.

3.9.2 Identified Problem

Table 14. Identified problem in the RSU sector

Identified Problem

Description

Structural and operational challenges derived from urban growth, population increase, and changes in consumption patterns.

Only 35.6% of final disposal sites have adequate impermeabilization, and more than a thousand open dumps persist. These conditions reflect a significant backlog compared to regulatory and environmental standards. Valuation and intermediate management infrastructure with limitations such as obsolete transfer centers, underutilized composting plants, and energy valorization still in the pilot phase.

The aging and technologically inadequate collection fleet (38% of collection vehicles are models prior to 2007) affects efficiency and coverage.

Additionally, the low recycling rate, which SEMARNAT estimated at 9.63% of generated waste in 2017, limits progress toward a circular economy.

Source: Prepared by BANOBRAS with its own information.

In this area, BANOBRAS identified an investment gap of 25,698 million pesos to strengthen infrastructure in waste management, including landfills, separation plants, and rehabilitation of open-air dumps.

3.10 Federal Entities and Municipalities

3.10.1 Current Situation

Between 2019 and 2024, subnational public investment (32) represented, on average, 0.6% of annual GDP. Federal entities devoted annually, on average, 3.8% of their budget to public investment (excluding transfers to municipalities), while municipal investment averaged 21% of their budget. Furthermore, between 2019 and 2023, the average annual growth rate of spending on productive public investment was -2.9%. This was positive in only 11 federal entities, among which Hidalgo (31.9%) and Nayarit (30.9%) stand out.

3.10.2 Identified Problem

Investment in infrastructure by federal entities and their municipalities is below its potential due to the limited use of available financing instruments. According to the SHCP, federal entities currently register sustainable debt (33). Between 2019 and 2024, states and municipalities exercised, on average, only 14% and 15%, respectively, of their Net Financing Ceiling. This evidences a wide margin of maneuver to strengthen investment through greater responsible leverage. In this context, at least two key challenges persist in the financing and strengthening of revenues of subnational governments:

A)
Need to increase their own revenues

A first challenge facing entities and their municipalities to raise their investment in infrastructure is the need to strengthen their own revenues, as they depend greatly on federal transfers to finance their spending. Between 2018 and 2024, on average, around 80% of the total revenues of federal entities and municipalities came from federal participations and contributions. This result occurs because federal entities and municipalities do not collect the potential of what they could raise and because it is necessary to strengthen the mechanisms to carry out such collection.

B)
Access to financing, mainly at the municipal level: There are factors that limit the access of municipalities to bank financing such as i) legal limitations and low credit rating; ii) technical weaknesses, mainly in municipalities with higher marginalization, to identify and structure projects and/or to incorporate ESG criteria, and iii) low inter-institutional coordination. It is important to mention that, of the 2,462 municipalities in the country, from 2017 to 2024 only 459 (34) municipities contracted financing (344 of these only with BANOBRAS), which shows the margin that exists in this market segment to boost financing.

To support federal entities and, to a greater extent, municipalities, an integral strategy is required that combines technical assistance, strengthening of local capacities, focused and innovative financial products that cover the needs financial at the local level and solid institutional frameworks that facilitate effective alignment with national planning.

In particular, technical accompaniment becomes indispensable to support federal entities and municipalities in the creation of capacities that help them, on the one hand, to increase own revenues by reinforcing collection schemes and, on the other, to identify and structure projects with high social impact, as well as to identify sources of financing and access to bank credit. From this way, it contributes to strengthening the institutional and financial management of local governments (35).

4. Sustainable financing

Sustainable financing is a cross-cutting axis in the development of infrastructure, as it allows maximizing social impact and environmental and incorporating gender perspective criteria. Furthermore, the promotion of this type of financing allows contributing to Mexico's commitments in matters of climate change. According to the SHCP, Mexico faces a sustainable financing gap estimated at 13.6 trillion pesos in 2030, which requires mobilizing annually close to 5.4% of GDP, between 2024 and 2030.

BANOBRAS is in a position to consolidate itself as an enabler of replicable models of sustainable financing. Its Strategy Sustainable Bank, included within its Environmental and Social Policy, articulates this commitment through six strategic axes, among which stands out number 5: Promotion of Sustainable Projects, which seeks to boost projects with positive impact on the environment and social well-being, aligned with the National Strategy for the Implementation of Agenda 2030 and with the key SDGs for the infrastructure: SDG 6 "Clean Water and Sanitation", SDG 7 "Affordable and Clean Energy", SDG 9 "Industry, Innovation and Infrastructure", SDG 11 "Sustainable Cities and Communities" and, transversally, SDG 13 "Climate Action" and SDG 5 "Gender Equality".

It is important to highlight that Banobras, for the first time, made visible the relationship that exists between infrastructure and gender, and considered financing schemes that promote the development of projects with criteria not only environmental and social, but also of gender. The above is of great relevance, given the differentiated impact that infrastructure has between men and women, based on their roles and activities within society. In this sense, Banobras' Gender Policy is aligned with SDG 5 "Gender Equality", recognizing the transversality of the gender perspective for the fulfillment of other SDGs, in order to know the impact that access to basic services such as education and health has on the quality of life of women.

Both policies include axes related to the monitoring of indicators, with the purpose of identifying environmental impacts, social and gender of the projects financed by the Institution. Furthermore, in 2023, Banobras conducted a materiality analysis to know the priority topics for its stakeholders. This analysis allowed identifying 12 material topics (36) that interest the Bank's counterparts in matters of sustainability and gender, which will be included in the Institutional and sustainability strategy of the Institution.

5. Opportunities for Banobras

Based on the analysis of investment gaps in infrastructure in the different target sectors and taking as a base the PND 2025-2030, the Mexico Plan, the One Hundred Commitments for the Second Floor of the Fourth Transformation and the various plans and programs sectoral, Banobras has identified areas of opportunity to continue boosting economic growth and social well-being. In accordance with the present diagnosis, these opportunities will seek to foster financial inclusion, financing for infrastructure economic and social, as well as sustainability, including the gender perspective, in all the sectors of attention of the Institution.

In general terms, Banobras can play a key role in the design and structuring of innovative schemes of financing that combine public and private resources and that promote mixed investments. Furthermore, the Bank also has capacity to boost innovative financial solutions that allow meeting the specific needs of its target sector (tailor-made solutions) in which even other actors in the sector participate to multiply resources. These opportunities are synthesized in:

• Highway sector: boost to direct financing or through mixed schemes for the development of highway projects in the
  different regions of the country.

• Railway sector: financing that allows projects to have the necessary resources.

• Port sector: financing and innovative schemes that allow covering the specific needs of the sector.

• Electric sector: financing for projects that strengthen the electrical grid and promote clean energies. Boost to schemes
  of mixed investment in which 54% state predominance is considered.

• Hydrocarbons sector: participation in projects for the expansion and rehabilitation of logistical systems (pipelines, storage terminals, distribution centers) and financing for complementary infrastructure in key industrial zones, through
  traditional financing or innovative schemes and mixed investments.

• Water infrastructure: financing for projects for treatment, potabilization, reuse and distribution, as well as modernizing
  existing systems. Boost to mixed financing schemes with an ESG approach.

• Urban Mass Transport: financing for sustainable mobility systems under mixed investments or with financing
  direct to states and municipalities.

• Infrastructure for education, health and an integral care system: financings for second and third level hospitals,
  as well as clinics in marginalized areas via mixed investments or through direct financing to federal entities and municipalities. In addition to financing the improvement and equipment in schools through also credit resources for the federal entities and municipalities. Provide financing for the development of care infrastructure through the Banobras-FAIS Program or through direct credit to states and municipalities.

• Urban solid waste: financing via federal entities and municipalities to develop basic infrastructure with a
  sustainable approach.

Strategic promotion of financing and technical assistance to states and municipalities, to increase the resources that allow them to carry out the works that their communities require.

II. Long-Term Vision

True to its mission and objectives, BANOBRAS has been and will continue to be a fundamental actor in the face of the challenges that the country faces. This has been evidenced by the challenges experienced in the last 6 years. In particular, the response to the shocks that the global economy faced, such as the Covid-19 pandemic, geopolitical and climatic factors, during which the Bank adapted and continued with the boost of financing for development and the provision of infrastructure.

During the pandemic, BANOBRAS showed its countercyclical function, which allows boosting growth through financing in periods of uncertainty in which commercial banks, and other private financial intermediaries, perceive greater risk and contract their participation in the market. It is then when BANOBRAS, thanks to its capitalization levels and its function as a Development Bank contributes to mitigating the effects of adverse environments. In this way, in 2020, the Bank reached one of the highest levels of placement in its history, 158 billion pesos. This figure was surpassed in 2023 with a credit granting of close to 210 billion pesos.

Also 6 years ago, one of the challenges faced by BANOBRAS was the need to adopt and implement best practices in matters of sustainability to contribute from its scope of competence to the global and national challenges in matters of climate change. Today that challenge has become a strength. The Bank has Environmental, Social and Gender Policies, and with processes and procedures to boost sustainable financing in its different sectors of attention.

Its role as a strategic financier of the country has also been shown in the boost that the Bank has given to contribute to the relocation of companies through financing for logistical infrastructure (development poles), to the provision of services for the industry, as well as to last-mile infrastructure (feeder roads to connect the trunk network with the main ports, logistical platforms, etc.). This role will continue with the contribution that BANOBRAS will make to the Mexico Plan to strengthen the internal market and national production.

In this context, its long-term vision considers the Bank as an Institution that has the potential and the capacity to transform challenges into opportunities. In other words, in this vision the capacity for innovation of BANOBRAS is considered to promote schemes and financial solutions that allow, with a different approach, to face the challenges in its target sector. Additionally, BANOBRAS will position itself by 2030 as an Institution that boosts the financing of strategic infrastructure for the country, through innovative financial solutions, as well as the development of basic works with high social impact, through the social inclusion and technical assistance for the financial strengthening of states and municipalities, with the objective of boosting shared prosperity and the sustainable development of Mexico.

BANOBRAS will also boost an agenda that contributes, together with other dependencies of the Federal Government to quantify, measure and give follow-up to investment in infrastructure, its quality and its impact on economic growth and social well-being. Furthermore, it will promote the incorporation of technologies in the development of infrastructure, with the objective of improving efficiency and sustainability of projects through digital tools that can be considered in the different stages of the project life cycle.

A fundamental objective of the current Federal Administration is to consolidate a transformation based on well-being, shared prosperity the Mexican humanism, social justice and sustainability, promoting public and private investment that closes the structural economic, social and regional gaps and boost projects that generate formal and quality jobs. In that sense, the vision of BANOBRAS by 2030 and 2050 is to boost investment in infrastructure at the subnational level and in the strategic sectors for the development of the country in accordance with the Axes of the PND in the following way:

1.
Vision to 2030: Alignment of infrastructure investment with the National Development Plan 2025-2030 o General Axis 3. Moral Economy and Work

The Institution reaffirms its role in financing strategic infrastructure that boosts a prosperous and connected republic, dynamizing the national and regional economy. It supports key projects in mobility, logistics and productive integration, such as highways, trains, ports, among others. Furthermore, it promotes balanced regional development with inclusion criteria, sustainability and efficiency, in line with the principles of social justice and moral economy of the PND.

o
Transversal Axis 1. Substantive equality and women's rights

BANOBRAS, in line with its Gender Policy and commitment to substantive equality, boosts care projects such as childcare centers and centers for the elderly, prioritizing vulnerable groups. Channels financing through the Banobras-FAIS Program for the development of infrastructure with a gender approach, including care infrastructure.

In line with this General and Transversal Axis, the 2030 vision is supported by:

1)
Financing for projects, states, municipalities and their agencies: BANOBRAS will continue to boost financing for infrastructure projects economic, which promote the competitiveness and productivity of the country, and social infrastructure, being ally of states and municipalities. In this way, economic, social and regional gaps are reduced, and the quality of life of the population is improved. BANOBRAS also boosts the priority projects of the Government of Mexico, in particular those established in the Mexico Plan and the Sectoral Programs.

2)
Financial inclusion and technical assistance:
BANOBRAS strengthens its role as a development facilitator by strengthening the institutional and financial capacities of subnational governments through technical assistance. Furthermore, it will promote the financial inclusion through access to financing to all sectors of attention of the Bank, including municipalities, federal entities, parastatal and paramunicipal agencies, with special emphasis on those with limited management capabilities, as well as other actors in the private sector.

3)
Sustainable financing with environmental, social and gender policies and strategies: BANOBRAS prioritizes the financing of sustainable projects, clean energies, water, waste and climate resilience through schemes financial aligned with the TSM, promoting the development of sustainable and inclusive infrastructure. Furthermore, it contributes to a significant way so that by 2030 45% of energy generation comes from renewable sources and the projects that are financed also contribute to Agenda 2030 and the SDGs.

Likewise, the participation of BANOBRAS in the contribution to the fulfillment of other Republics contemplated in the One Hundred Commitments for the Second Floor of the Transformation will be considered, through the granting of financing and technical assistance. Among them stand out: Healthy Republic, through support for the development and modernization of infrastructure in health; Sovereign Republic with sustainable energy, orienting actions to consolidate energy sovereignty; Republic that protects the environment and natural resources and the Republic with the right to water, through the financing of infrastructure linked to such purposes.

2.
Vision to 2050

Towards 2050, BANOBRAS focuses on the following premises:

1.
Promotes innovative financial solutions that allow meeting the financial needs of its target sector in complex economic environments, which contribute to growth and development for the country from existing challenges

2.
Boosts the financing of priority projects, being the financial arm of the Government of Mexico, with the objective of trigger competitiveness, generate employment and promote better development opportunities for Mexicans.

3.
It consolidates itself as a key actor in the development of Mexico through financing and technical assistance to entities subnational, as well as through the boost to projects in strategic sectors that generate employment, connect better the country and boost balanced regional development.

4.
Promotes port modernization to boost trade and industrial relocation, and supports a railway system that integrates the different regions and that contributes significantly to the transport of cargo and people.

5.
In social infrastructure, it grants financing to hospitals, schools and care spaces to reduce gaps and improve quality of life with an approach of inclusion, sustainability and well-being.

6.
Boosts the development of sustainable and resilient infrastructure that allows the country to face the challenges of climate change. It will boost projects oriented to adaptation and mitigation of its effects, prioritizing solutions with high impact environmental and social, aligned with the SDGs, the TSM and principles of gender equality, ensuring that infrastructure incorporates an inclusive perspective.

6. Objectives

In the PRONAFIDE 2025-2030 the objectives, strategies and lines of action to be implemented by the financial sector are presented with the purpose of fostering economic growth and job creation, contributing to a fairer distribution of income and ensure economic, fiscal and financial stability of the country in the medium and long term.

In addition to framing as a paramount topic the strategic role of Development Banking as a key instrument to trigger growth with well-being, its central function is to expand access to financing for sectors and projects with high social impact that, by their nature, are not sufficiently attractive to commercial banks or other agents in the private sector. Through financing schemes, technical assistance and the boost to innovative and technological solutions, Development Banking contributes to reducing structural gaps and strengthening financial inclusion in regions and sectors historically neglected.

In this sense, BANOBRAS, as an entity of the Federal Public Administration and Development Banking Institution, adheres to the Objective 6 of PRONAFIDE, as well as to the strategies and lines of action derived from it that are applicable to its mandate Institutional.

Objective of the National Development Financing Program 2025-2030

Objective 6. Boost the development of a more inclusive, resilient and sustainable financial system, strengthening its stability, competition and legal framework, to expand equitable access to financial services, reduce structural gaps and improve the financial health of the population.

Thus, BANOBRAS aligns its institutional actions with the development strategy established in PRONAFIDE, through the financing of infrastructure works and public services that boost national economic development, considering an approach of sustainability in its operations. Likewise, it contributes to the strengthening of the management of subnational governments and promotes the financial inclusion of all sectors of attention of the Bank, including municipalities, federal entities, parastatal agencies and paramunicipal and other actors in the private sector, with the purpose of reducing inequality gaps and improving the financial health of these actors, promoting greater prosperity in their population.

SWOT Analysis

As part of the actions to identify the main problems and opportunities that BANOBRAS faces for the fulfillment of its mandate, a SWOT analysis (Strengths, Opportunities, Weaknesses and Threats) was carried out. This tool strategic, widely used in public management, allows evaluating both the internal positioning and the external environment of an institution.

The SWOT allows identifying fundamental institutional capabilities, areas for improvement, conditions of the environment that represent opportunities and external factors that can become risks or challenges. This analysis not only offers a comprehensive snapshot of the current situation of BANOBRAS, but also strengthens decision making by allowing more realistic, informed planning and aligned with the conditions of the national and international context.

For its elaboration, BANOBRAS carried out a participatory exercise in which the perspective of the executive group was considered

internal, of a sample of institutional clients such as accredited clients,

strategic counterparties, as well as institutional technical inputs

that allow the identification of key factors for the definition of the institutional strategy. This process allowed building a

robust diagnosis, structured from

seven strategic dimensions: 1) Strategy and Business; 2) Sustainability; 3) Technology; 4)

Physical Infrastructure; 5) Organizational Culture; 6) Human Capital and 7) Perception of Clients and Counterparties.

The incorporation of the SWOT analysis in BANOBRAS's Institutional Program allows the defined strategies to respond in a

punctual manner to the real conditions of the Bank and its environment. Likewise, it aligns internal capabilities with the demands of the environment

and ensures that actions are directed towards strengthening institutional advantages, mitigating risks and taking advantage of opportunities for the

development of infrastructure and public services in the country.

Table 15: Institutional SWOT

Source: Prepared by BANOBRAS with its own information.

BANOBRAS Strategic Map

From the diagnosis of the current situation and the SWOT analysis, BANOBRAS built its Institutional Strategic Map, a

essential planning tool that allows linking the internal and external factors identified with the strategic priorities of the

Bank for the 2025-2030 period. This instrument acts as a graphical and structured representation of the way in which

BANOBRAS will generate public value, by aligning its resources, processes and capabilities with the desired results in terms of development

of infrastructure and public services.

The Strategic Map is structured through the establishment and achievement of four institutional strategic themes and five

concrete perspectives:

Strategic themes and value generation of the Institution to the population:

1.

Shared prosperity

2.

Sustainability and climate change mitigation

3.

Inclusion of vulnerable groups

4.

Balanced economic development

Perspectives

• Impact on Sustainability: Establishes the results that BANOBRAS seeks to achieve through its actions focused on

achieving balanced economic, social and environmental development, contributing to the generation of shared well-being, the

attention of vulnerable groups and access to quality public services and infrastructure for the population.

Objective: Maximize environmental and social benefits through responsible financing.

• Clients: Reflects the Bank's commitment to its direct clients and institutional counterparties, through the strengthening of

capabilities, the provision of technical assistance and access to financial solutions adapted to their needs.

Objective: Effectively address the needs of clients and institutional counterparties through innovative financial solutions

and technical assistance.

• Financial: Establishes objectives related to the financial sustainability of Banobras, the efficient management of own resources

and the generation of income that supports its operation.

Objective: Guarantee financial sustainability and efficient use of resources.

• Internal Processes: Focuses attention on substantive processes that generate value, helping to comply with the object of the

Institution, innovation and

continuous improvement.

Objective: Strengthen key institutional processes to generate value and thus be able to respond to the challenges of the environment.

• Human and Technological Resources: Recognizes that human capital and technological infrastructure are essential strategic enablers

, so it proposes actions for their strengthening, professionalization and modernization.

Objective: Promote institutional talent through the development and professionalization of human capital and the modernization

of technological infrastructure to effectively contribute to the fulfillment of the institutional strategy.

Each perspective translates institutional priorities and objectives into concrete lines of action, which allows articulating a vision

integral of the transformation that BANOBRAS seeks to achieve. Thus, the SWOT analysis directly feeds the design of the strategic map, by

allowing that:

1.

Institutional strengths are enhanced and leveraged;

2.

Environmental opportunities are capitalized;

3.

Internal weaknesses are addressed in a proactive manner; and

4.

External threats are managed with effective mitigation strategies.

This guarantees that the strategies are based on a realistic diagnosis and that they respond effectively to the challenges of the

BANOBRAS context.

Image 4: "Institutional Strategic Map"

Strategic themes and value generation of the Institution to the population:

Shared prosperity

Sustainability and climate change

mitigation

Inclusion of vulnerable groups

Balanced economic

development

Perspective

Strategy

Impact on Sustainability

1.

Promote financing schemes for inclusive, resilient and sustainable infrastructure.

2.

Expand municipal financial inclusion giving priority to those that have a high degree of

marginalization, with the objective of reducing inequality gaps and improving the financial health of these agents,

allowing to promote greater prosperity in their population.

3.

Consolidate Banobras as a reference in financing with a sustainable approach, promoting the care of the

natural capital and the social well-being of all people in Mexico.

Clients

1.

Strengthen institutional technical assistance to governments and municipalities to increase financial inclusion.

2.

Promote flexibility and innovation in financial products that respond to the different needs of the

market.

3.

Expand the reach and visibility of the Bank's products and services through effective promotion

effective strategies.

Financial

1.

Diversify funding sources through innovative and sustainable schemes that strengthen the financial capacity

of the Bank.

2.

Maintain institutional solvency and profitability in accordance with its social and development vision.

3.

Strengthen cooperation with multilateral organizations for infrastructure financing.

Internal processes

1.

Modernize operational processes through digitalization, automation and continuous improvement to increase

efficiency and agility in attention.

2.

Strengthen the mechanisms for monitoring and evaluating the social, environmental and gender impact of the

financed projects.

Human resources and

technological

1.

Promote the professionalization of human capital through strategic continuous training programs

aligned with the Bank's objectives.

2.

Consolidate institutional technological infrastructure through innovation and the adoption of emerging tools

digital.

Source: Prepared by BANOBRAS with its own information.

It is important to highlight that the establishment of "Strategic themes and value generation of the Institution to the population" derives from the

recognition of efforts that the Bank has focused on to achieve incorporating a sustainability strategy, both in the internal management

of its activities as well as in financing its target sector.

In this sense, the SWOT analysis reflects an institutional maturation, since the aspect that in the Institutional Program 2020-2024

was considered an opportunity to strengthen the contribution to sustainable impact actions, in the current Program 2025-2030 it is

recognized as a strength, supported by tangible results and a more robust strategy.

Management principles

The mission and vision of BANOBRAS reflect its institutional object and the strategic foundations previously exposed, which

revisit the social vision that gave origin to the Bank more than 90 years ago, with the conviction that its actions contribute to generating

shared well-being and prosperity.

Mission: Contribute to the sustainable development of the country and the well-being of Mexicans, through the promotion of investment in

infrastructure and public services, and to the financial and institutional strengthening of subnational entities.

Vision: To be recognized as the reference institution in terms of financing for the development of public works and services, as well

as technical assistance with commitment to the sustainable development of the country and shared prosperity.

Institutional Objectives

Finally, BANOBRAS based on its object, the Institutional diagnosis, the SWOT analysis, the Institutional Strategic Map and the

guidelines established in the main national planning instruments, the NDP 2025-2030, the PRONAFIDE 2025-2030 and the Plan

Mexico, defined the strategic objectives of the Institutional Program that will guide its action in the 2025-2030 period.

This methodological chain guarantees the coherence and relevance of the proposed objectives, ensuring that they respond to the

true needs of the country in terms of development, financial inclusion and sustainable infrastructure.

Objectives of BANOBRAS Institutional Program 2025-2030

1.- Promote regional development through financing to local governments and the private sector, to strengthen infrastructure and public services,

contributing to the balanced growth of the country.

2.- Promote the financial inclusion of local governments and the private sector to expand equitable access to financial services, reduce gaps

structural and strengthen financial health, contributing to greater prosperity of the population.

3.- Foster investment tools in infrastructure with environmental, social and gender perspective components, as key elements

for sustainable development that expand the population's access to services and infrastructure that promote their well-being.

These objectives are oriented to contribute to a profound transformation of the country from the scope of infrastructure and services

public, financial inclusion, sustainability and financing of projects that allow advancing towards a prosperity

truly shared under the principles of Mexican Humanism. Likewise, they are aligned with the development model of the Second

Piso de la Transformación and the fulfillment of international commitments in terms of sustainable development, climate resilience and

substantive equality.

6.1 Relevance of objective 1: Promote regional development through financing to local governments and the private sector,

to strengthen infrastructure and public services, contributing to the balanced growth of the country.

Access to quality infrastructure is an essential factor to guarantee the well-being of the population and foster an inclusive

economic development. In Mexico, significant inequalities persist in access to public services such as drinking water, sanitation,

urban mobility, energy, digital connectivity and housing. These shortcomings limit the opportunities for economic and social development of

millions of people, especially in regions with high marginalization and social lag.

In this way, aligned with the development model of the Second Floor of the Fourth Transformation, this objective responds to the

need to close regional and social gaps through the financing of projects in infrastructure and public services,

through schemes that strengthen collaboration between the Federal Government, the federative entities, the municipalities, their organisms and

the private sector.

In this context, BANOBRAS plays a key role as an institution specialized in the structuring and financing of

solutions that promote balanced, inclusive and sustainable economic development. Its intervention is fundamental to address the

structural inequalities of the country, by facilitating access of local governments to financial instruments that allow them to execute

projects of high social and economic impact.

Infrastructure financing acts as a motor of development, by generating multiplier effects on the economy: it raises

productivity, generates jobs, improves regional competitiveness and expands opportunities for the most vulnerable sectors. Through

the granting of direct, induced credit and co-financing schemes with other agents of the financial system, BANOBRAS

contributes to channeling resources to high-impact projects.

This objective also recognizes the role of infrastructure in the effective exercise of social rights and in the creation of

dignified living conditions for the entire population. Likewise, it aligns with Axis 3 of the NDP 2025-2030, "Moral economy and

work", in its component of a prosperous and connected Republic, as well as with Strategy 6.6 of PRONAFIDE, focused on

promoting financing for infrastructure projects with a view to financial inclusion and within its lines of action it recognizes the

need to strengthen the credit supply with the participation of the private sector, in order to multiply financing.

6.2 Relevance of objective 2: Promote the financial inclusion of local governments and the private sector to expand

equitable access to financial services, reduce structural gaps and strengthen financial health, contributing to a

greater prosperity of the population.

In Mexico, the lack of access to adequate financial services, as well as efficient management in the contracting of these, represent

one of the main barriers faced by local governments (federative entities, municipalities and their public organisms) and

diverse actors in the private sector limiting their capacity to drive basic infrastructure projects and guarantee adequate provision

and timely public services. This problem is accentuated in regions with high levels of marginalization and social lag,

where many local governments face significant limitations in their institutional, technical and financial capacities.

These restrictions make it difficult to formulate solid investment agendas, optimal administration of available resources and access

to financing mechanisms that allow them to meet their needs. To this are added barriers faced by private companies and

infrastructure developers, especially in strategic sectors, which limit their participation in projects with high

social and sustainable impact due to the absence of adequate financial schemes or lack of guarantees that facilitate their access to credit.

According to RPU data, at the end of 2024 approximately 2,000 municipalities did not contract any financing since the

entry into force of the Law on Financial Discipline of the Federative Entities and Municipalities in 2016. Although that legislation has

strengthened transparency, accountability and control of subnational indebtedness, it has also generated important challenges

for some municipalities and their organisms, with lower institutional and technical capacity.

According to CONEVAL (37), the indigenous population - which amounts to nearly 25 million Mexican men and women - concentrates

the highest levels of inequality and lack of access to minimum conditions for a dignified life and the effective exercise of their

social rights.

To this is added a context of low collection, according to the OECD (38), Mexico registers one of the lowest tax collection rates among

member countries (16.7% of GDP, compared to an average of 33.5%), which is reflected in the limited generation of income

own in the federative entities and municipalities. Concepts such as property tax and fees for water supply barely represent 0.5% of GDP. This situation has led to a strong dependence on federal transfers, which cover more than 80%

of municipal income according to the Fiscal Coordination Law (39). As a result, the capacity for public investment

local, directly affecting the well-being of their populations.

In light of this reality, various federal dependencies, including BANOBRAS, have promoted strategies to strengthen the finances

subnational public, through training and technical advice, greater collection efficiency has been promoted, both in the

collection of the Payroll Tax (ISN) at the state level as well as the collection of property taxes and water fees in the

municipal scope. While, in complement, access conditions to financing have been improved for other agents of the

private sector and commercial banking, providing credit and guarantee schemes that allow triggering greater investment in infrastructure and

public services.

In this context, the financial inclusion of the sectors of attention mentioned and accompanied by technical assistance, is configured

as a strategic instrument to promote change. By expanding access to financial services, the capacities of

public and private investment, a more equitable allocation of resources is fostered, the complementary participation of the

commercial banking and contributes to reducing disparities in development.

Channeling attention and resources towards local governments, their organisms and other agents of the private sector that have faced

restrictions in access to credit not only allows reducing historical gaps in terms of development, but also improving the provision

of public services, promoting economic growth from the local level and consolidating a national strategy of development more just, balanced and sustainable.

The promotion of financial inclusion responds to the principles of the NDP 2025-2030, particularly to Axis 3 "Economy

moral and work", which promotes equitable access to economic opportunities and the strengthening of regions with the greatest lag.

Likewise, it is linked to Strategy 6.6 of PRONAFIDE, which recognizes within its lines of action, the need to expand access

to financing in lagging areas, incorporating criteria of equity, inclusion and social justice.

6.3 Relevance of objective 3: Foster investment tools in infrastructure with environmental, social

and with a gender perspective, as key elements for sustainable development that expand the population's access to

services and infrastructure that promote their well-being.

Confronting the adverse effects of climate change, reducing social inequality and guaranteeing equitable access to basic services

requires a transformation in the way public infrastructure is financed and implemented. This objective starts from the recognition

that infrastructure can be a fundamental element to drive sustainable, fair and inclusive development, when it incorporates

environmental, social and gender perspective criteria from its design to its operation.

Currently, significant lags persist in the coverage and quality of infrastructure in marginalized communities, indigenous peoples,

rural areas and urban areas with high social vulnerability. In addition, much of the existing infrastructure was conceived

under traditional models that do not contemplate current challenges, such as adaptation to climate change, nor respond to the

differentiated needs of women, girls, people with disabilities or population in a situation of vulnerability. This reality demands

a new logic of public intervention: an infrastructure centered on people and on social and environmental resilience.

This objective responds to the priorities of PRONAFIDE 2025-2030 and NDP 2025-2030, and aligns with the Strategy of

Sustainable Financing Mobilization of the SHCP. BANOBRAS contributes directly to this strategy through the placement of

green, social or gender-perspective financing, and the issuance of thematic bonds, as part of the implementation of its Policy

Environmental and Social, its Gender Policy and its Reference Framework for Thematic Bonds.

From its role as Development Banking, BANOBRAS seeks to promote a diversity of financial solutions that mobilize resources

towards projects of high social and environmental impact, through mixed investment schemes, project financing with a focus

sustainable, as well as alliances with multilateral organizations. Likewise, to promote the implementation of the TSM and the integration of

indicators that allow measuring the impact of projects in terms of equity, sustainability and well-being. In addition to collaborating in the

Sustainable Financing Mobilization Strategy of the SHCP, which aims to foster the mobilization and reorientation

of financing from public, private, national and international sources, to develop activities and projects that generate

positive impacts on the environment and society.

Through this objective, the Bank reaffirms its commitment to an infrastructure model that considers sustainability with

gender perspective, which contributes to closing gaps in terms of social inequality, promoting the inclusion of vulnerable groups

and contribute to the conservation of the environment, thus generating tangible benefits for people and where it is ensured that no

population will be excluded from development processes.

6.4 Linkage of the objectives of the National Program for Development Financing 2025-2030

The objectives of BANOBRAS Institutional Program 2025-2030 are directly aligned with Objective 6 of the

PRONAFIDE 2025-2030, which seeks to promote the development of a more inclusive, resilient and sustainable financial system.

In particular, BANOBRAS contributes to the fulfillment of Strategies 6.3 and 6.6 of said sectoral Program.

Strategy 6.3: Promote access and use of the population to formal, adequate and transparent financial services, with

cross-cutting approaches of gender and sustainability, expanding access, effective use and financial education and promoting the

adoption of Mexico's Sustainable Taxonomy.

Strategy 6.6: Promote financing in the business, agricultural, rural, forestry, fishing and

infrastructure sectors, with the purpose of achieving greater financial inclusion of its target population, taking into consideration the

indigenous peoples and Afro-Mexicans.

Each of BANOBRAS's three objectives is linked to these components of PRONAFIDE in the following way:

Objective 1. Aligned with Strategy 6.6, by promoting infrastructure financing in federative entities and municipalities,

fostering collaboration between governments and the private sector, with the objective of improving the quality of life of the population through

investments that trigger regional development.

Objective 2. Also linked to Strategy 6.6, by focusing on the financial inclusion of local governments and the private sector that

historically have presented limitations to access financing and technical assistance, allowing them to access with greater ease

a mechanisms for financing and optimizing the use of its public and private resources, thereby improving its management and financial sustainability in the development of infrastructure and public services.

Objective 3. In coherence with Strategy 6.3, by mobilizing financing towards infrastructure projects with a sustainable approach, incorporating environmental, social, and gender criteria. Likewise, it actively participates in the development of the market for thematic bonds, the implementation of Mexico's Sustainable Taxonomy, and the Sustainable Financing Mobilization Strategy.

Likewise, the objectives of the Institutional Program are consistent with the principles of the NDP 2025-2030, particularly with Axis General 3: Moral economy and work (Prosperous and connected Republic). This linkage ensures coherence between national and sectoral planning instruments, and the actions that BANOBRAS will carry out during the six-year term to foster fair, inclusive, and sustainable development.

Objectives of the Institutional Program of
BANOBRAS

Objectives of the National Program for
Development Financing 2025-2030

Strategies of the National Program for
Development Financing 2025-2030

Objective 1. Promote regional development through financing for local governments and the private sector, to strengthen infrastructure and public services, contributing to the balanced growth of the country.

Objective 6. Promote the development of a more inclusive, resilient, and sustainable financial system, strengthening its stability, competition, and legal framework, to expand equitable access to financial services, reduce structural gaps, and improve the financial health of the population.

Strategy 6.3: Promote access and use of the population to formal, adequate, and transparent financial services, with transversal approaches of gender and sustainability, expanding access, effective use, and financial education and promoting the adoption of Mexico's Sustainable Taxonomy.

Strategy 6.6. Promote financing in the business, agricultural, rural, forestry, fishing, and infrastructure sectors, with the purpose of achieving greater financial inclusion of its target population, taking into account indigenous peoples and Afro-Mexicans.

Objective 2. Promote the financial inclusion of local governments and the private sector to expand equitable access to financial services, reduce structural gaps, and strengthen financial health, contributing to greater prosperity of the population.

Objective 3. Foster investment tools in infrastructure with environmental, social, and gender perspectives, as key elements for sustainable development that expand the population's access to services and infrastructure that promote their well-being.

7. Strategies and lines of action

This section presents the strategies and lines of action that BANOBRAS will implement during the 2025-2030 period to achieve the institutional objectives defined in the previous chapter. Each strategy aligns with the Bank's mandate, its institutional mission, and the commitments established in the NDP 2025-2030 and PRONAFIDE 2025-2030.

BANOBRAS's Institutional Program contemplates three priority objectives, accompanied by strategies and lines of action concrete that reflect the Bank's commitment to balanced development, financial inclusion, and sustainability in investments in infrastructure. These actions respond to principles of efficiency, equity, and social and regional impact, and seek to consolidate the role of BANOBRAS as a catalyst for public and private financing for national development.

The strategies and lines of action described here will allow BANOBRAS to direct its financial, technical, and human resources towards projects that foster social and environmental resilience, and guarantee equitable access to basic public services, promoting at all times the generation of shared prosperity. Likewise, they will serve as a basis for inter-institutional coordination, programmatic monitoring, and accountability of institutional performance.

Objective 1. Promote regional development through financing for local governments and the private sector, to strengthen the infrastructure and public services, contributing to the balanced growth of the country

Strategy 1.1 Channel financing to infrastructure and public services that drive economic development and shared prosperity

Line of action

1.1.1 Identify priority projects and coordinate actions with entities and dependencies of the Federal Public Administration for their financing,
promoting adequate financial solutions.

1.1.2 Grant financing to local governments, as well as to infrastructure projects that generate positive economic impacts and social benefit,
through direct and induced financing schemes.

1.1.3 Promote the design of innovative, flexible, and sustainable financing schemes for the development of infrastructure and public services
projects.

1.1.4 Support balanced regional development, through financing for structured projects in collaboration with the private sector and local
governments for public works and services in the areas of influence of Welfare Poles, driving regional economic development.

1.1.5 Participate in financing schemes through funding for investment activities in infrastructure and public services.

1.1.6 Define clear criteria for the prioritization of projects that contribute to strengthening territorial equity, social inclusion, and sustainable development,
through alignment with national policies and objectives.

Strategy 1.2 Promote the participation of the private sector and other financial intermediaries in the development of infrastructure, through shared financing schemes

Line of action

1.2.1 Incentivize co-financing schemes with commercial banks or other private sector agents, multilateral organizations, and investment funds,
including the granting of guarantees, stock market issuances, and syndicated loans.

1.2.2 Promote BANOBRAS's products and services in financing, technical assistance, and fiduciary services, through dissemination and advisory services, to
incentivize the participation of the private sector and boost the development of infrastructure and public services.

1.2.3 Strengthen national and international promotion mechanisms for investment opportunities in infrastructure, through tools such as the
Mexico Projects platform and other strategic channels.

1.2.4 Design and promote innovative financial instruments that incentivize private sector participation in infrastructure projects, such as
sustainable bonds and green and social financing mechanisms.

The purpose of these strategies and lines of action is to channel financial resources, both public and private, towards projects of infrastructure and public services that drive the country's economic and social development. Through direct financing to entities federative, municipalities, and their agencies, as well as through co-financing schemes, BANOBRAS seeks to trigger projects of high impact that respond to the priorities of the Government of Mexico. These actions consolidate BANOBRAS's role as a catalyst for financing, with an inclusive, sustainable, and long-term vision.

Objective 2. Promote the financial inclusion of local governments and the private sector to expand equitable access to financial services, reduce structural gaps, and strengthen financial health, contributing to greater prosperity of the population

Strategy 2.1 Expand access of local governments and the private sector to financing, through schemes adequate to their institutional, operational, and fiscal capacity

Line of action

2.1.1 Promote access to credit for local governments and private sector actors with limited financial capacity, through schemes of
direct or induced financing.

2.1.2 Expand the coverage of financing granted by BANOBRAS, prioritizing municipalities that have historically not received credit support,
through existing or new products that consider their fiscal, technical, and operational conditions.

2.1.3 Establish strategic alliances with state governments, private financial institutions, and multilateral organizations to facilitate municipal
financing.

2.1.4 Promote financing for the private sector and financial intermediaries for projects with high social impact or long maturity periods,
not addressed by commercial banks, through schemes adequate to their needs.

Strategy 2.2 Strengthen the technical and institutional capacities of local government administrations to improve their access to financing and strengthen their financial health

Line of action

2.2.1 Provide legal and financial advice to local government administrations for the contracting of financing, for productive public
investment.

2.2.2 Implement training programs to strengthen the management capacities of local government administrations in the area of
collection of own revenues.

2.2.3 Implement training and accompaniment programs for municipal officials in credit and fiscal stability, to strengthen their
financial management and ensure responsible and sustainable use of financing.

2.2.4 Establish monitoring and evaluation mechanisms through periodic reports, to measure the impact of technical assistance in the strengthening
of the capacities of municipal administrations.

The purpose of these strategies and lines of action is to reduce the structural barriers that limit access to financing for local governments.

Furthermore, through technical assistance, BANOBRAS will focus on local government administrations with lower management capacities, seeking to strengthen them so they can plan, manage, and execute projects with greater solidity. These actions reaffirm the Bank's commitment to effective, equitable financial inclusion oriented towards generating collective well-being.

Objective 3. Foster investment tools in infrastructure with environmental, social, and gender perspectives, as key elements for sustainable development that expand the population's access to services and infrastructure that promote their well-being

Strategy 3.1 Promote financing schemes that channel resources towards infrastructure projects with environmental, social, and gender benefits, strengthening their viability and ensuring alignment with standards of sustainability

Line of action

3.1.1 Grant financing to projects in line with the Sustainability Strategy and the Gender Strategy.

3.1.2 Incorporate social, environmental, and gender indicators in the evaluation, monitoring, and impact measurement of financed projects, which
allow quantifying BANOBRAS's contribution to the well-being of the population.

Strategy 3.2 Develop and consolidate the market for thematic bonds as an instrument for mobilizing resources for sustainable projects

Line of action

3.2.1 Issue thematic bonds (green, social, and sustainable) in accordance with institutional objectives and international best practices by 2030.

3.2.3 Strengthen BANOBRAS's Sustainable Bond Reference Framework, incorporating international best practices on gender, sustainability, and impact measurement criteria.

3.2.3 Establish alliances with investors and specialized organizations to increase the mobilization of resources towards sustainable projects.

The purpose of these strategies and lines of action is to position BANOBRAS as a key actor in the transition towards a model of more sustainable, inclusive, and resilient financing. Through the boost to projects with social, environmental, and gender impact, as well as the strengthening of the thematic bond market, the Bank contributes to improving the quality of life of the population and to mobilizing resources towards initiatives that promote social well-being.

8. Indicators and targets

BANOBRAS's Institutional Program 2025-2030 contemplates a set of strategic indicators that will allow measuring the progress in the fulfillment of institutional objectives, evaluating the impact of implemented actions, and guaranteeing clear and transparent accountability.

These indicators reflect the key results expected to be achieved by the end of the period, based on a methodology of planning oriented to results and in line with the commitments established in the NDP 2025-2030, PRONAFIDE 2025-2030, and other guiding instruments of the sector.

Each indicator is accompanied by its baseline and the corresponding target for the year 2030.

The definition of the indicators starts from a logic of technical consistency with the institutional diagnosis, the SWOT analysis, the strategic map, and the objectives.

Objectives of the Institutional Program of BANOBRAS

Indicator

Objective 1. Promote regional development through financing for local governments and the private sector, to strengthen infrastructure and public services, contributing to the balanced growth of the country.

1.1 Growth in the Balance of Direct and Induced Credit to
the Private Sector

1.2 Granting of Direct and Induced Credit to the Private
Sector

Objective 2. Promote the financial inclusion of local governments and the private sector to expand equitable access to financial services, reduce structural gaps, and strengthen financial health, contributing to greater prosperity of the population.

2.1 Financial Inclusion of the Private Sector

2.2 Technical Assistance to Local Government
Administrations

Objective 3. Foster investment tools in infrastructure with environmental, social, and gender perspectives, as key elements for sustainable development that expand the population's access to services and infrastructure that promote their well-being.

3.1 Placement of Sustainable Financing

3.2 Resource Mobilization in the Debt Market through
Thematic Bonds

Indicator 1.1

INDICATOR ELEMENTS

Name

1.1 Growth in the Balance of Direct and Induced Credit to the Private Sector

Objective

Promote regional development through financing for local governments and the private sector, to strengthen infrastructure and public services, contributing to the balanced growth of the country.

Definition or description

Measures the nominal growth percentage for each fiscal year of the balance of direct and induced credit to projects with some scheme of collaboration with the private sector, as well as to local governments in the sectors of attention of BANOBRAS.

Associated Right

Not applicable

Level of disaggregation

Projects with some scheme of collaboration with the private sector, as well as local governments

Periodicity or frequency of measurement

Annual

Accumulated or periodic

Accumulated

Information availability

March of the following year

Unit of measure

Percentage

Data collection period

December 31 of year n

Expected Trend

Ascending

Responsible unit for reporting progress

Unit of Planning and Sustainability Strategy

Calculation Method

Growth in the Balance of Direct and Induced Credit to the Private Sector = ((Total amount of the balance of direct and induced credit to projects with some scheme of collaboration with the private sector, as well as to local governments of year n / Total amount of the balance of direct and induced credit to projects with some scheme of collaboration with the private sector, as well as to local governments of year n-1) -1) *100

Observations

The indicator refers to the balance of direct and induced credit of the financing with some scheme of collaboration with the private sector, as well as with local governments, valid on December 31 of the year to be reported. It considers the balance valid at the end of the previous year, the financing granted, the refinancing of credits, and the portfolio recoveries carried out by the borrowers during the corresponding year. Likewise, struments that directly finance the development of infrastructure and public services are incorporated to integrate the balance of BANOBRAS's Investment Portfolio.

APPLICATION OF THE CALCULATION METHOD TO OBTAIN THE BASELINE

The baseline must correspond to a definitive value for the 2024 cycle or prior, it cannot be a preliminary or estimated value.

Variable Name 1

Balance of direct and induced credit to the Private Sector of year n

Variable Value 1

643,316 million pesos

Information Source for Variable

BANOBRAS Internal Accounting
Systems

Variable Name 2

Balance of direct and induced credit to the Private Sector of year n - 1

Variable Value 2

626,498 million pesos

Information Source for Variable

BANOBRAS Internal Accounting
Systems

Substitution in method of calculation

Growth in the Balance of Direct and Induced Credit to the Private Sector = ((643,316/626,498) - 1) *100 = 2.7%

BASELINE VALUE AND TARGETS

Baseline

Note on the baseline

Value

643,316 million pesos

Includes the balance of BANOBRAS's Investment Portfolio.

Year

Target 2030

6.5%

For the fulfillment of the established target, it is relevant to consider the following:

That the dependencies that establish the investment agenda in the country drive projects of infrastructure with a financing component.

That the financed projects and the financing granted to local governments maintain residence periods in the portfolio consistent with the growth target.

That Fiscal and Regulatory Authorities establish criteria and improvements that recognize heterogeneity in the capacities of local public administrations and facilitate credit placement.

That borrowers do not carry out extraordinary advance payments in magnitudes that affect the proposed growth target.

That the Federal Government views the financing of infrastructure by subnational governments as a complement to Federal public investment.

The granting of credit through revolving lines can contribute to the fulfillment of the indicator associated with the granting of credit; however, this does not necessarily imply a proportional increase in the portfolio balance to the private sector.

The growth rate from 2024 considers the incorporation of the Investment Portfolio in the Portfolio Balance to the private sector.

Values must be recorded according to the measurement frequency of the indicator.

ND

7.8%

14.2%

1.3%

7.0%

2.4%

2.7%

TARGETS

You can register NA when no target applies for that year, according to the measurement frequency.

6.5%

6.5%

6.5%

6.5%

6.5%

6.5%

ND: Not available.

Indicator 1.2

INDICATOR ELEMENTS

Name

1.2 Granting of Direct and Induced Credit to the Private Sector

Objective

Promote regional development through financing for local governments and the private sector, to strengthen infrastructure and public services, contributing to the balanced growth of the country.

Definition or description

Measures the direct and induced credit financing from January to December of year n to projects with some scheme of collaboration with the private sector, as well as local governments in the sectors of attention of BANOBRAS.

Associated Right

Not applicable

Level of disaggregation

Projects with some scheme of collaboration with the private sector, as well as local governments

Periodicity or frequency of measurement

Annual

Accumulated or periodic

Periodic

Information availability

March of the following year

Unit of measure

Millions of pesos

Data collection period

January to December of year n

Expected Trend

Variable

Responsible unit for reporting progress

Unit of Planning and Sustainability Strategy

Calculation Method

Granting of Direct and Induced Credit to the Private Sector = Total amount of the granting of direct and induced credit to projects with some scheme of collaboration with the private sector, as well as to local governments of year n.

Observations

The indicator refers to the direct and induced credit financing granted to projects with some scheme of collaboration with the private sector, as well as to local governments, in the period from January to December of the year to be reported. Likewise, movements registered through BANOBRAS's Investment Portfolio related to the granting of financing through debt instruments in the stock market are incorporated.

APPLICATION OF THE CALCULATION METHOD TO OBTAIN THE BASELINE

The baseline must correspond to a definitive value for the 2024 cycle or prior, it cannot be a preliminary or estimated value.

Variable Name 1

Granting of direct credit and induced to the Private Sector of year n

Variable Value 1

87,843 million pesos

Information Source for
Variable 1

BANOBRAS Internal Accounting
Systems

Substitution in method of calculation

Granting of Direct and Induced Credit to the Private Sector = 87,843 million pesos

BASELINE VALUE AND TARGETS

Baseline

Note on the baseline

Value

87,843 million pesos

Year

Target 2030

87,937

For the fulfillment of the established target, it is relevant to consider the following:

That public dependencies that establish the investment agenda in the country drive infrastructure projects with a financing component.

That Fiscal and Regulatory Authorities establish criteria and improvements that recognize heterogeneity in the capacities of local public administrations and facilitate credit placement.

That the Federal Government views the financing of infrastructure by subnational governments as a complement to Federal public investment.

That the granting of credit through revolving lines can contribute to the fulfillment of the indicator associated with the granting of credit; however, this does not necessarily imply a proportional increase in the portfolio balance to the private sector.

That the granting of credit must be carried out with strict monitoring of the Bank's liquidity levels, in order not to compromise its financial solidity.

Values must be recorded according to the measurement frequency of the indicator.

130,920

70,075

131,405

56,447

84,824

148,643

87,843

TARGETS

You can register NA when no target applies for that year, according to the measurement frequency.

94,511

109,798

73,638

78,924

83,569

87,937

Indicator 2.1

INDICATOR ELEMENTS

Name

2.1 Financial Inclusion of the Private Sector

Objective

Promote the financial inclusion of local governments and the private sector to expand equitable access to financial services, reduce structural gaps, and strengthen financial health, contributing to greater prosperity for the population.

Definition or description

Measures the number of local government administrations and other private sector agents to whom BANOBRAS granted financing in the 2025-2030 period and that have historically faced restrictions in access to credit or, in the specific case of municipal administrations, those that were not attended to by Commercial Banking or other private sector agents in the 2017-2024 period.

Associated right

Not applicable

Level of disaggregation

Local government administrations, as well as private sector agents

Periodicity or frequency of measurement

Annual

Accumulated or periodic

Periodic

Information availability

March of the following year

Unit of measure

Number of local government administrations, as well as private sector agents

Data collection period

January to December of year n

Expected trend

Variable

Unit responsible for reporting progress

Sustainability Planning and Strategy Unit

Calculation method

Financial Inclusion of the Private Sector = Number of new local government administrations attended to by BANOBRAS with financing in year n during the 2025-2030 period + Number of new private sector agents attended to by BANOBRAS with financing in year n during the 2025-2030 period.

Observations

The new local government administrations attended to by BANOBRAS are those to which financing is granted during 2025-2030, counting them once, even if several disbursements are made for the same administration during the period. And that, they were not attended to by Commercial Banking or other private sector agents during the 2017-2024 period.

The new private sector agents attended to are those that have not been credited by BANOBRAS during the period of December 2018-2024.

APPLICATION OF THE CALCULATION METHOD TO OBTAIN THE BASELINE

The baseline must correspond to a definitive value for the 2024 or prior cycle, it cannot be a preliminary or estimated value.

Variable name 1

Number of local government administrations attended to in year n

Variable value 1

Information source variable 1

BANOBRAS Internal Accounting Systems

Variable name 2

Number of private sector agents attended to in year n

Variable value 2

Information source variable 2

BANOBRAS Internal Accounting Systems

Substitution in calculation method

Financial Inclusion of the Private Sector = 173 + 85 = 258

BASELINE VALUE AND TARGETS

Baseline

Note on the baseline

Value

Since it is an indicator with a new measurement metric, the baseline considers the accumulated number of 173 municipal administrations registered in the RPU during the 2017 - 2024 period financially included by Commercial Banking or other private sector agents.

Additionally, it considers the accumulated number of 85 private sector agents attended to by BANOBRAS during the period of December 2018-2024.

Year

2030 Target

In the specific case of local government administrations, for the fulfillment of the established target, it is relevant to consider that fiscal and regulatory authorities establish criteria and improvements that recognize heterogeneity in the capacities of local public administrations and facilitate credit placement.

Values must be recorded according to the frequency of measurement of the indicator.

NA

NA

NA

NA

NA

NA

TARGETS

You can register NA when a target does not apply for that year, according to the frequency of measurement.

NA: Not applicable.

Annex Indicator 2.1

One of the main challenges to strengthen national development is to expand access to financing for municipal governments, particularly in those regions with greater institutional and economic backlogs. In this context, BANOBRAS assumes a strategic role in promoting financial inclusion at the local level, through schemes adapted to the capacities and characteristics of the municipalities.

To follow up on the fulfillment of Objective 2, Indicator 2.1 Financial Inclusion of the Private Sector will be used, in which one of its elements is the number of municipal administrations of municipalities attended to with financing that have not been attended to by Commercial Banking or other private sector agents since the publication of the Law on Financial Discipline of the Federal Entities and Municipalities (40), in this sense, the following is highlighted:

The potential population is the municipal administrations of the municipalities that were not attended to by Commercial Banking during the 2017-2024 period.

The indicator's target considers a subset that takes into account the following:

Number of municipalities that had legislative authorization in the triennium 2022-2024.

Results of municipal credit placement in the triennium 2022-2024.

Number of municipalities that currently have legislative authorization to contract financing (global and individual decrees).

Low degree of support and commitment of state governments with municipalities regarding (i) their intervention in the fulfillment of the requirements established in the Law on Financial Discipline of the Federal Entities and Municipalities; and (ii) the implementation of co-investment schemes that can incentivize the contracting of financing for infrastructure.

Indicator 2.2

INDICATOR ELEMENTS

Name

2.2 Technical assistance to local government administrations

Objective

Promote the financial inclusion of local governments and the private sector to expand equitable access to financial services, reduce structural gaps, and strengthen financial health, contributing to greater prosperity for the population.

Definition or description

Measures the number of local government administrations that received some technical assistance from BANOBRAS aimed at strengthening the development of their technical, administrative, and financial capacities to manage financing and improve the collection of own revenues.

Associated right

Not applicable

Level of disaggregation

Local government administrations

Periodicity or frequency of measurement

Annual

Accumulated or periodic

Periodic

Information availability

March of the following year

Unit of measure

Number of local government administrations

Data collection period

January to December of year n

Expected trend

Variable

Unit responsible for reporting progress

Sustainability Planning and Strategy Unit

Calculation method

Technical assistance to local government administrations = number of local government administrations that received some technical assistance from BANOBRAS in year n during the 2025-2030 period

Observations

Two or more local government administrations can be counted if and only if due to a change in government, some technical assistance was granted again to the same municipality in the 2025-2030 period. The technical assistance services that BANOBRAS currently offers correspond to legal and financial advice for the contracting of financing, as well as group training and individual advice on the matter of collection of own revenues.

APPLICATION OF THE CALCULATION METHOD TO OBTAIN THE BASELINE

The baseline must correspond to a definitive value for the 2024 or prior cycle, it cannot be a preliminary or estimated value.

Variable name 1

Number of local government administrations in year n

Variable value 1

Information source variable 1

Financing and Technical Assistance to Governments Unit

Substitution in calculation method

Technical assistance to local government administrations = 0

BASELINE VALUE AND TARGETS

Baseline

Note on the baseline

Value

The recording of data with the characteristics of this indicator will be counted starting from the year 2025, so the baseline value in 2024 is 0

Year

2030 Target

Values must be recorded according to the frequency of measurement of the indicator.

NA

NA

NA

NA

NA

NA

TARGETS

You can register NA when a target does not apply for that year, according to the frequency of measurement.

NA: Not applicable.

Indicator 3.1

INDICATOR ELEMENTS

Name

3.1 Placement of sustainable financing

Objective

Foster investment tools in infrastructure with environmental, social, and gender perspective components, as key elements for sustainable development that expand the population's access to services and infrastructure that promote their well-being.

Definition or description

Measures the channeling of credit resources towards investments with sustainable criteria in compliance with Work Line 1.2: Public investment and mobilization of Development Banking, established in the Sustainable Financing Mobilization Strategy 2023 - 2030

Associated right

Right to a healthy environment and sustainable economic development

Level of disaggregation

Infrastructure and public service projects categorized as sustainable under BANOBRAS's Sustainability Framework, or the document that results applicable

Periodicity or frequency of measurement

Annual

Accumulated or periodic

Periodic

Information availability

In March of the following year

Unit of measure

Millions of pesos

Data collection period

January to December of year n

Expected trend

Variable

Unit responsible for reporting progress

Sustainability Planning and Strategy Unit

Calculation method

Placement of sustainable financing = Amount of new credit granted to projects that have sustainable criteria in year n

Observations

The Sustainable Financing Mobilization Strategy began in 2023, so the period to be reported will be limited only to the progress comprised between 2025 and 2030. The base period will be equal to the amount of new credit granted to projects that have sustainable criteria carried out in 2024.

APPLICATION OF THE CALCULATION METHOD TO OBTAIN THE BASELINE

The baseline must correspond to a definitive value for the 2024 or prior cycle, it cannot be a preliminary or estimated value.

Variable name 1

Amount of new credit granted to projects that have sustainable criteria in year n

Variable value 1

11,697

Information source variable 1

BANOBRAS Internal Accounting Systems

Substitution in calculation method

Placement of sustainable financing = 11,697

BASELINE VALUE AND TARGETS

Baseline

Note on the baseline

Value

11,697 mdp

Year

2030 Target

5,350 mdp

For the fulfillment of the established target, it is relevant to consider the following:

That the public dependencies that establish the investment agenda in the country promote the development of infrastructure projects with sustainable criteria in whose structure financing is considered.

That state, municipal governments and their bodies have technical capacities to measure the impact that works and public services financed by BANOBRAS generate and thus have the necessary information to determine their contribution to sustainable development.

The placement target established in the Sustainable Financing Mobilization Strategy 2023 - 2030 for BANOBRAS is 60,000 mdp.

Values must be recorded according to the frequency of measurement of the indicator.

NA

NA

NA

NA

NA

16,198

11,697

TARGETS

You can register NA when a target does not apply for that year, according to the frequency of measurement.

5,351

5,351

5,351

5,351

5,351

5,350

Indicator 3.2

INDICATOR ELEMENTS

Name

3.2 Resource mobilization in the debt market through Thematic Bonds

Objective

Foster investment tools in infrastructure with environmental, social, and gender perspective components, as key elements for sustainable development that expand the population's access to services and infrastructure that promote their well-being.

Definition or description

Measures the mobilization of the debt market of debt instruments that orient resources towards sustainable development, in compliance with Work Line 2.1: Consolidation of the sustainable debt market, of the Sustainable Financing Mobilization Strategy 2023 - 2030.

Associated right

Right to a healthy environment and sustainable economic development

Level of disaggregation

Infrastructure and public service projects categorized as sustainable under BANOBRAS's Sustainability Framework, or the document that results applicable

Periodicity or frequency of measurement

Annual

Accumulated or periodic

Periodic

Information availability

In March of the following year

Unit of measure

Millions of pesos

Data collection period

January to December of year n

Expected trend

Variable

Unit responsible for reporting progress

Sustainability Planning and Strategy Unit

Calculation method

Resource mobilization in the debt market through Thematic Bonds = Accumulated amount of thematic bond issuances in year n

Observations

The Sustainable Financing Mobilization Strategy began in 2023, so the period to be reported will be limited only to the progress comprised between 2025 and 2030. The base period will be equal to the amount of thematic bond issuances carried out in 2024. Thematic bonds are those issued specifically to finance projects that generate environmental, social, or sustainability-related impacts.

APPLICATION OF THE CALCULATION METHOD TO OBTAIN THE BASELINE

The baseline must correspond to a definitive value for the 2024 or prior cycle, it cannot be a preliminary or estimated value.

Variable name 1

Amount of thematic bond issuances in year n

Variable value 1

8,300

Information source variable 1

BANOBRAS Finance Unit Records

Substitution in calculation method

Resource mobilization in the debt market through Thematic Bonds = 8,300

BASELINE VALUE AND TARGETS

Baseline

Note on the baseline

Value

8,300 mdp

Year

2030 Target

4,202 mdp

For the fulfillment of the established target, it is relevant to consider the following:

That the public dependencies that establish the investment agenda in the country promote the development of infrastructure projects with sustainable criteria in whose structure financing is considered.

That state, municipal governments and their bodies have technical capacities to measure the impact that works and public services financed by BANOBRAS generate and thus have the necessary information to determine their contribution to sustainable development.

That the financed projects and the financing granted to state, municipal governments and their bodies have a portfolio permanence term consistent with the terms of the thematic issuances.

The placement target established in the Sustainable Financing Mobilization Strategy 2023 - 2030 for BANOBRAS is 40,000 mdp.

Values must be recorded according to the frequency of measurement of the indicator.

NA

NA

NA

NA

NA

6,483

8,300

TARGETS

You can register NA when a target does not apply for that year, according to the frequency of measurement.

4,203

4,203

4,203

4,203

4,203

4,202

9. Strategic Follow-up Factors

As part of the comprehensive follow-up to the Bank's strategic actions, a section with additional indicators, called Strategic Follow-up Factors, is incorporated. These indicators are independent of those established in the Institutional Program; however, their inclusion is considered relevant, as they are part of topics of interest that allow follow-up on key variables related to the fulfillment of its mandate, operational performance, and the impact of its activities. Their continuous monitoring contributes to a better understanding of its operation and to the strengthening of its institutional management.

Factor

Objective

1. Financing granted by BANOBRAS and FONADIN support to infrastructure projects considered as priorities for the Government of Mexico.

Measure institutional participation, through financing and financial support, in priority projects for national development.

2. Obtaining impact indicators of the financing granted by BANOBRAS.

Measure the progress in the implementation and follow-up of economic, environmental, social, and gender indicators of the projects financed by the Institution.

3. BANOBRAS participation in syndicated financing structures with the private sector.

Measure BANOBRAS's intervention in syndicated credit structures for projects developed in collaboration with the private sector.

4. Formalization of financing under the funding lines for private financial intermediaries.

Measure the mechanisms that BANOBRAS has to allow private financial intermediaries to participate in the financing of infrastructure projects through competitive funding.

5. Formalization of credits with unwilling local governments.

Recognize the efforts made by the Institution for the formalization of financing, even if the resources have not been disposed of.

6. BANOBRAS participation in competitive contracting processes for local government financing.

Identify the number of competitive processes in which local governments have invited BANOBRAS to participate.

7. Number of town council minutes managed for the contracting of financing.

Recognize the efforts made by the Institution in the matter of technical assistance (legal and financial advice).

8. Number of local administrations visited.

Recognize BANOBRAS's actions in the matter of promotion of the products and services it offers among local governments.

9. New fiduciary businesses.

Account for the new fiduciary businesses constituted in Banobras.

10. Managed fiduciary businesses.

Account for the number of fiduciary businesses that Banobras administers.

11. Income derived from the provision of fiduciary services.

Account for the income that Banobras obtains from the provision of fiduciary services.

12. Financing through collaboration schemes with federal public sector dependencies.

Measure financing and actions in collaboration with federal dependencies for the promotion of infrastructure and public service projects.

13. Users of the Mexico Projects portal.

Measure the level of reach of the portal as a dissemination tool for investment opportunities in infrastructure, with the purpose of promoting its execution and thus contributing to the reduction of the financing gap.

14. Actions on the Banobras Hoy portal

Identify the number of updates made on the portal on topics such as financing granted, impact analysis sheets, geolocation vector files, audiovisual content.

Signature sheet of the Institutional Program 2025-2030 of the National Bank of Public Works and Public Services, S.N.C., Development Banking Institution.

The General Director of the National Bank of Public Works and Public Services, Credit Society, Development Banking Institution, based on what is established in article 23, fraction II of the Organic Law of the National Bank of Public Works and Public Services (Organic Law); article 24, first paragraph, and fraction III of the Organic Regulations of the National Bank of Public Works and Public Services, Credit Society, Development Banking Institution, and in compliance with agreement 066/2025 adopted by the Board of Directors of the National Bank of Public Works and Public Services, Credit Society, Development Banking Institution, in its extraordinary session 1468, held on September 15, 2025, through which the governing body approved the Institutional Program 2025-2030; therefore, based on what is established in articles 20, second paragraph, of the Organic Law; 31, second paragraph, of the Law of Credit Institutions; 58, fraction II, of the Federal Law of Para-State Entities, which were elaborated in consideration of what is provided in articles 17, fractions II and V; 24 and 29, third paragraph, of the Planning Law; numeral 45 of the Criteria for the management, evaluation and updating of programs derived from the National Development Plan 2025- 2030, and articles 47, 48 and 59, fraction II, of the Federal Law of Para-State Entities; Institutional Program that was approved by the Ministry of Finance and Public Credit through letter 100.-162 dated October 8, 2025.

General Director of the National Bank of Public Works and Public Services, Credit Society, Development Banking Institution, Jorge Alberto Mendoza Sánchez .- Rubric.

World Bank (2019). Lifelines: Taking action towards more resilient infrastructure:
https://openknowledge.worldbank.org/entities/publication/c3a753a6-2310-501b-a37e-5dcab3e96a0b

Inter-American Development Bank (2019). Building opportunities to grow in a challenging world - Macroeconomic Report of Latin America and the Caribbean 2019: https://publications.iadb.org/es/informe-macroeconomico-de-america-latina-y-el-caribe-2019-construir-oportunidades-para-crecer- en-un-mundo-desafiante

World Bank. (2024) Annual Report 2024: A Better Bank for a Better World https://documents.worldbank.org/en/publication/documents-reports/documentdetail/099624010252414618

Organization for Economic Co-operation and Development - OECD (2023). Economic Outlook for Latin America 2023: Investing for sustainable development. https://www.oecd.org/es/publications/perspectivas-economicas-de-america-latina-2023_5cf30f87-es.html

IDB (2020).

Infrastructure projects generate qualified employment, especially in energy, transport, and water, driving certification and social security. Public and private investment fosters greater labor formality due to legal and financial requirements.

INEGI (2024). Measurement of infrastructure investment in Mexico. National Institute of Statistics and Geography. Available at: https://www.inegi.org.mx/contenidos/investigacion/grupos/doc/medicion_infraestructura_vfinal.pdf

Global Infrastructure Outlook: https://outlook.gihub.org/

IDB (2021). The infrastructure gap in Latin America and the Caribbean: estimation of investment needs until 2030 to progress towards fulfilling the Sustainable Development Goals. https://doi.org/10.18235/0003759 & https://interactive-publications.iadb.org/La-brecha-de-infraestructura-en-America-Latina-y-el-Caribe

SHCP (2025). Timely Statistics of Public Finances: http://presto.hacienda.gob.mx/EstoporLayout/estadisticas.jsp

Refers to: airports, waste collection and transport, electricity, information and communication technologies, natural gas, ports, railways, highways, waste treatment and disposal, water, and sewage.

World Bank (n.d.). Private Participation in Infrastructure (PPI), Regional Snapshots: https://ppi.worldbank.org/en/snapshots/region/latin-america-and-the-caribbean

SICT (2024a). Statistical Yearbook of the Infrastructure, Communications and Transport Sector 2023: https://www.sct.gob.mx/fileadmin/DireccionesGrales/DGP/PDF/DEC-PDF/Anuario_SICT_2023.pdf, SICT (2024b). Sixth Work Report 2023-2024: https://www.sct.gob.mx/fileadmin/DireccionesGrales/DGP/PDF/Documentos-2019-2024/6to_IL_SICT__2023-2024.pdf, and National Highway Infrastructure Program 2025.

This network is essential for linking less accessible areas with the country's main trunk corridors, facilitating access to basic services, markets, and urban centers. Like the trunk network, the feeder network includes roads managed by both state and federal entities, and its maintenance faces particular challenges, such as high costs in geographically complex areas. Source: National Highway Infrastructure Program 2025 - 2030 and SICT Statistical Yearbook, 2023.

SICT and Railway Transport Regulatory Agency (2024). Railway Statistical Yearbook 2023:
https://www.gob.mx/cms/uploads/attachment/file/920778/Anuario_2023_ARTF.pdf

The fourth edition of the CPPI, prepared by the World Bank and S&P Global Market Intelligence, is based on the largest dataset in history: more than 182,000 vessel scales, 238.2 million shipments, and around 381 million twenty-foot equivalent units (TEU) throughout the calendar year 2023. More than 80% of merchandise trade is transported by sea, so the resilience, efficiency, and overall performance of ports are crucial for global markets and economic development: https://www.bancomundial.org/es/news/press-release/2024/06/01/regional-disruptions-drive-changes-in-global-container-port-performance-ranking

World Economic Forum (2019). The Global Competitiveness Report 2019: https://www3.weforum.org/docs/WEF_TheGlobalCompetitivenessReport2019.pdf

UNCTAD (2024). Liner Shipping Connectivity Index (LSCI): https://www.mundomaritimo.cl/noticias/unctad-panama-mexico-y-colombia-lideran-conectividad-de-transporte-maritimo-de-contenedores-en-america-y-el-caribe#::text=UNCTAD:%20Panam%C3%A1%2C%20M%C3%A9xico%20y%20Colombia,Am%C3%A9rica%20y%20el%20Caribe%20%2D%20MundoMari timo&text=la%20UNCTAD%20revis%C3%B3%20a%20mediados,)%20y%20Per%C3%BA%20(37%C2%BA

CENACE (2024). Program for the Expansion and Modernization of the NTS and elements of the RGD 2024 - 2038, pp. 27. Online: https://www.cenace.gob.mx/Paginas/SIM/ProgramaRNT_RDG.aspx

National Hydrocarbons Commission. Report on the Consolidation of National Reserves as of January 1, 2024: https://www.gob.mx/cms/uploads/attachment/file/921219/ConsolidaciondeReservas2024.pdf

National Council for Population Evaluation (2025):
https://www.gob.mx/conapo/articulos/disminuye-la-poblacion-infantil#::text=las%20pol%C3%ADticas%20p%C3%BAblicas.- ,En%202025%2C%20nacer%C3%A1n%20en%20M%C3%A9xico%202%20millones%2019%20mil%20907,por%20ciento%20anual%20de%20crecimiento).

Information System of the Secretariat of Health and INEGI, data from 2022 and 2023.

INEGI, Interactive tables of the education sector: https://www.inegi.org.mx/app/tabulados/interactivos/?pxq=8c29ddc6-eeca-4dcc-8def-6c3254029f19

INEGI and Mexico Care Map (INMUJERES, UN).

National Institute of Statistics and Geography. (INEGI, 2021). Population and Housing Census 2020. National Institute of Statistics and Geography. https://www.inegi.org.mx/programas/ccpv/2020/#Tabulados

INEGI (2023). Tell Me About Mexico. Environment: https://beta.cuentame.inegi.org.mx/descubre/geografia/medio_ambiente/

Source: INEGI (2022). National Census of Municipal Governments and Territorial Demarcations of Mexico City 2023. Basic tables (Tables 10 and 12).

INEGI (2022). National Census of Municipal Governments and Territorial Demarcations of Mexico City 2023. Basic tables (Tables 21, 22, and 23). Refers to the facility where solid waste is transferred or transferred from collection units to vehicles of greater capacity, for transport to treatment plants or final disposal sites.

Coahuila, Mexico City, Jalisco, State of Mexico, Oaxaca, and Veracruz.

SEMARNAT (2023). Urban Solid Waste, the other side of garbage:
https://www.gob.mx/cms/uploads/attachment/file/39412/RESIDUOS_SOLIDOS_URBANOS-_ENCARTE.pdf

These are facilities operated and controlled by municipal administration or territorial demarcation and aim to receive certain materials from the population to provide adequate confinement or channel them to recycling processes.

Refers to the federal entities and municipalities that make up the country.

Except for Coahuila, which is under observation.

Information from the RPU as of December 2024.

In this document, local governments are defined as Federal Entities and Municipalities, as well as their agencies.

Material topics: 1) Institutional Ethics, 2) Institutional Governance, 3) Financing of sustainable projects, 4) Financial inclusion of municipalities, 5) Sustainable Funding, 6) Development and training, 7) Climate change, 8) Sustainable Portfolio Management, 9) Data Privacy and Security, 10) Financing of projects and infrastructure with a gender perspective, 11) Human rights, and 12) Risk Management.

National Council for the Evaluation of Social Development Policy (CONEVAL). Poverty and indigenous population in Mexico. Mexico City: CONEVAL, 2025. (https://www.coneval.org.mx/InformesPublicaciones/InformesPublicaciones/Documents/Pobreza_Poblacion_Indigena.pdf)

Organization for Economic Co-operation and Development (OECD). (2020). Tax statistics in Latin America and the Caribbean: Mexico. (https://www.oecd.org/content/dam/oecd/en/topics/policy-sub-issues/global-tax-revenues/estadisticas-tributarias-america-latina-caribe-mexico.pdf)

Economic Commission for Latin America and the Caribbean. Subnational taxation in Mexico: Analysis of the current situation and recommendations. Available at: CEPAL.org.

Published on April 27, 2016 in the Official Gazette of the Federation.

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