Mexico Issues Implementing Guidelines for Strategic Infrastructure Projects
Mexico's strategic infrastructure framework now has the operating rules investors and lenders have long-awaited. On October 7, 2026, Mexico's Ministry of Finance ("SHCP") published the Guidelines on Strategic Infrastructure Projects for Development with Wellbeing (the "Guidelines") in the Federal Official Gazette, effective the next day. Most notably, SHCP's position, binding on federal agencies, is that deferred payments and multi-year commitments under approved projects do not, by themselves, constitute public debt, removing a key uncertainty for deferred-payment structures.
The Guidelines complete a framework comprising the Law for the Promotion of Investment in Strategic Infrastructure for Development with Wellbeing (April 9, 2026), its Regulations (May 8, 2026), and a July 3, 2026 procurement decree (the "Directive Decree"). They set a 16%–25% equity-at-risk band, require value-for-money analysis and financial modeling of at least three scenarios, and introduce points-based bid evaluation for tenders opting into Title Nine of the Law. Issued investment service certificates ("CASIs") become irrevocable and, where the contract provides, convert into termination certificates.
This White Paper explores how these rules reshape project structuring and how contracting entities must adapt their practices. Procedures commenced before October 8, 2026, generally remain governed by the prior rules, subject to limited transitional exceptions.
