Eduardo Osuna and the infrastructure banking model redefining financing in Mexico

Eduardo Osuna Osuna: three decades building Mexico's largest bank

In the Latin American financial ecosystem, few executives have accumulated as much influence over the direction of infrastructure lending as Eduardo Osuna Osuna. A Mechanical-Electrical Engineer from Universidad La Salle with an MBA from IPADE, Osuna joined BBVA in 1994 and rose to the position of Vice President and CEO of BBVA Mexico in 2015, according to BBVA's institutional information. Since then, he has led the entity that Expansión recognizes as Mexico's largest bank by assets.

His career spanning more than three decades within the same institution gives him a granular understanding of the Mexican market that few bankers can match. That tenure is not anecdotal: it reflects a management philosophy based on long cycles, deep knowledge of sovereign risks, and a structural vision of the role commercial banking plays in a country's development.

For infrastructure leaders within the GRI Institute community, Osuna's figure is central. The lending decisions made by BBVA Mexico directly influence the viability of transportation, energy, water, and digital connectivity projects across the country. Understanding his evaluation model is equivalent to understanding the unwritten rules of private financing in Latin America's largest Spanish-speaking economy.

What does it mean for an infrastructure project to be 'bankable' according to Eduardo Osuna?

The concept of "bankability" has become the cornerstone of Eduardo Osuna's discourse on infrastructure. This is not a generic label: Osuna has precisely defined the conditions a project must meet to access commercial bank financing.

A bankable project, in Osuna's view, must meet five concrete attributes: demonstrated viability and profitability, permits in order, defined payment sources, a well-designed risk allocation, and contracts with clear rules. This definition operates as a rigorous filter that separates government intentions from executable projects.

The relevance of this approach is amplified in the current context. The Government of Mexico announced the Infrastructure Investment Plan for Development with Well-Being 2026-2030, which envisions a historic level of public and mixed investment. According to official data from the Government of Mexico, a total investment of 5.6 trillion pesos is projected across eight strategic sectors: energy, railways, highways, ports, healthcare, water, education, and airports. For 2026, the government will allocate additional investment beyond what was budgeted for sectors such as energy, railways, highways, and water.

The magnitude of these figures raises an inevitable question: how much of that volume meets the bankability standards demanded by private banks? According to El Economista, commercial banking in Mexico has substantial available resources to finance infrastructure projects that are bankable. The capital exists, but its deployment depends on the quality of each project's structuring.

Bankability is not a bureaucratic obstacle but a protection mechanism that aligns the incentives of the State, builders, and financiers around projects with a real probability of execution and return. This statement encapsulates the position Osuna has maintained across various industry forums and that frequently resonates in the debates the GRI Institute facilitates among developers, investors, and government authorities in the region.

How does BBVA Mexico's role change under the new mixed investment model?

President Claudia Sheinbaum's administration has introduced a strategic shift in how private participation in infrastructure is structured. The new model moves away from traditional Public-Private Partnerships (PPPs) and focuses on "mixed investment" schemes where the State does not grant full concessions. This change has profound implications for banking.

The Public-Private Partnerships Law, in effect with its latest reform published in the Official Gazette on November 14, 2025, continues to regulate long-term contractual arrangements between the public and private sectors. However, the Bill for Investment in Strategic Infrastructure, submitted by the Executive to the Chamber of Deputies, seeks to establish a complementary regulatory framework. This initiative proposes the creation of Special Purpose Vehicles and a Strategic Planning Council—tools designed to channel mixed investment and new PPPs "for Well-Being."

For a bank like BBVA Mexico, this new framework demands a reconfiguration of risk assessment and credit structuring models. When the State retains greater control over assets and concessions are not full, repayment sources, guarantees, and dispute resolution mechanisms must be redesigned. Osuna's experience, forged during cycles when PPPs operated under full concession schemes, is being tested against a different institutional architecture.

The real challenge for infrastructure banking in Mexico does not lie in the availability of capital, but in the ability to adapt financial instruments to a mixed investment model that the market is still learning to operate. This adaptation will determine which institutions capture the largest share of the 2026-2030 investment cycle.

BBVA Mexico, under Osuna's leadership, has revised upward its GDP growth forecast for Mexico in 2026, linking this projection directly to infrastructure investment triggered by Plan México and the Infrastructure Plan, according to information published by the institution itself. This signal suggests the bank anticipates active participation in financing the cycle, provided projects meet its structuring standards.

The quiet influence: how lending decisions shape the infrastructure map

At infrastructure forums organized by the GRI Institute in Latin America, a recurring theme among members is the power asymmetry between major banks and project developers. The bank that finances a highway corridor, an electric transmission line, or a potable water system does not merely provide capital: it validates the project's viability before the rest of the market.

Eduardo Osuna holds a singular position in this dynamic. At the helm of the financial institution with the largest asset volume in Mexico, his bankability criteria function as a de facto standard for the sector. When BBVA Mexico approves financing for a project, it sends a confidence signal that attracts other institutional investors, pension funds, and multilateral organizations. When it declines, the project faces a reputational hurdle that is difficult to overcome.

This influence extends beyond Mexico's borders. Colombia, Peru, and Chile are closely watching how Mexico structures its new infrastructure cycle, especially the mixed investment mechanisms that could be replicated across the region. The debates on the role of commercial banking in infrastructure financing, which the GRI Institute facilitates through its regional gatherings, reflect the search for replicable models and lessons learned.

A profile the market needs to understand

Eduardo Osuna Osuna's biography is, ultimately, the story of how an engineer turned banker came to hold one of the most influential positions over Mexico's physical infrastructure. His technical background, combined with three decades of experience in commercial banking, enables him to evaluate projects with a rigor that transcends conventional financial analysis.

The 2026-2030 cycle will test both the Mexican government's ambition and banking's capacity to finance it. With 5.6 trillion pesos in projected investment according to the Government of Mexico, and a regulatory framework in full evolution with the Bill for Investment in Strategic Infrastructure, the interplay between public policy and banking criteria will determine which projects materialize.

Eduardo Osuna, at the helm of BBVA Mexico, will continue to be a decisive player in that equation. For infrastructure leaders in Latin America, understanding his trajectory, his risk philosophy, and his ability to adapt to the new mixed investment model represents a concrete strategic advantage.

The GRI Institute continues to facilitate dialogue among the leading actors in infrastructure financing and development in Latin America through its exclusive member gatherings and strategic analysis publications.