Mexico is never short on large-scale infrastructure ambitions. Energy plants, highway concessions, water systems and ports form a steady pipeline of projects, even as broader market sentiment remains relatively subdued. Yet whether the deal involves desalination, a port expansion or a road package, one name surfaces time and again — Banorte.
Between June 2024 and May 2025, Banorte reinforced its position as Mexico’s leading infrastructure bank. By the end of December, its infrastructure loan book reached 56 billion pesos (approximately $3 billion), with 18 billion pesos in new transactions originated last year alone. That momentum carried into early 2025, when Banorte continued to close financings in water, transport and ports, sustaining growth across the full awards period and confirming its status as Infrastructure Bank of the Year – Mexico.
For Carlos Martínez, Banorte’s director general for government and infrastructure, the bank’s edge rests on two defining features. “The first is our local vision, which is a comparative advantage in the country’s competitive banking sector, and the second is our philosophy of acting as an incubator for projects,” he says.
By working with municipal and state authorities at the earliest stage, Banorte helps ensure projects are well designed, from contracts to legal structures, making them attractive to investors and resilient through execution. Martínez says Banorte has supported more than 25 projects from inception under this strategy, creating a portfolio that reflects both innovation and discipline.
The awards period saw Banorte focus heavily on two of Mexico’s most pressing challenges: water and transportation. Scarcity has reached critical levels — 76% of the country currently faces drought conditions. The bank financed desalination and wastewater treatment projects that directly address the crisis.
One emblematic case was the Los Cabos desalination plant in Baja California Sur, financed during the period. The facility will deliver 21,600 cubic meters of potable water daily, benefiting more than 500,000 residents. Beyond immediate relief, the project diversifies sources of water, reduces reliance on aquifers and creates a replicable model for other coastal cities in Latin America.
“Water is something that needs to be dealt with immediately. There is a great deal to do,” Martínez says. New wastewater legislation, implemented in 2023 and now moving into execution, is expected to require around $30 billion in investment to upgrade plants nationwide, creating a vast pipeline of opportunities for banks like Banorte.
Transportation projects also defined Banorte’s leadership in the period. The bank was a key participant in financing for the new container terminal at the Port of Veracruz and remained the principal domestic lender in Mexico’s build-maintain-repair-operate concessions, partnering with both local and foreign institutions.
“We are the leader in this segment. It is difficult to go alone on these kinds of projects, so we partner with other local or foreign banks,” Martínez says.
Banorte also positioned itself at the center of the 2025–2030 National Highway Infrastructure Program, unveiled in February 2025. The initiative calls for 4,000kmof new roads and 18 bridges at a cost exceeding $9 billion. “We are participating in the program. It is so big, that it will require all banks to take part,” Martínez says.
Banorte’s advantage lies not only in origination and structuring but also in oversight. Its specialized monitoring team followed projects in the awards period, detecting potential problems early and issuing corrective measures to prevent delays or financial stress. That discipline has allowed the banke to maintain portfolio quality while expanding its reach across water, roads, ports and energy.
Behind the numbers is also human capital: a team of specialists with more than 20 years of experience, structuring innovative products that combine alternate payment sources, multiple disbursement tranches and diverse guarantees tailored to sponsors and government counterparties.
For Banorte, Mexico’s infrastructure gap is less a burden than an opportunity. As Martínez put it, “Mexico’s infrastructure gap is actually an important opportunity for the bank and investment in the country.”
From the arid coasts of Baja California to the busy corridors of Veracruz, Banorte has proven that local vision, technical innovation and disciplined risk management can turn challenges into growth.