Introduction to Fonatur and its New Collaboration
The National Tourism Development Fund (Fonatur) has embarked on a new phase to attract private, national, and international investment. This initiative is in collaboration with BBVA Mexico, aiming to leverage transparent mechanisms such as trusts for the territorial reserves in Cozumel, Loreto, Litibú, and Huatulco to benefit the tourism sector.
Fonatur’s Director Explains the Partnership
During the “Avanzamos por México” forum organized by BBVA, and led by Tourism Secretary Josefina Rodriguez, Fonatur’s director Sebastian Ramirez explained that joint efforts include constructing a convention center for 3,000 people in Ixtapa-Zihuatanejo. Fonatur will contribute the land, while BBVA will help structure the financial project to ensure its profitability.
BBVA Mexico’s Vice President Highlights Fonatur’s Significance
Eduardo Osuna, BBVA Mexico’s Vice President and General Director, acknowledged Fonatur as an international tourism reference (with developments like Cancun) and emphasized its role in attracting investors with new models, involving private and development banks.
Key Aspects of the Collaboration
Fonatur and BBVA are working together to structure financially mixed investments while maintaining their strategy of direct land sales. They plan to create transparent fideicomisos (trusts) for the territories, ensuring decision-making transparency and attracting national and international investors.
Banco Interamericano de Desarrollo’s Potential Involvement
The Inter-American Development Bank (BID) may participate in relaunching Fonatur 2.0, applying proven investment mechanisms to guarantee each project.
Current Collaborative Projects
Fonatur and BBVA are already collaborating on a 160-million-peso financing project for the renovation of Hotel Quinta Real in Oaxaca, owned by Fonatur but operated by a private entity.
Fonatur’s Strategic Focus on Tourism Development
BBVA Mexico’s Director emphasized that once the diagnosis of suitable land uses (hotel, villas, or commercial) is complete, they will contact investors to offer opportunities with proven guarantees.
Long-term Investment Focus
Fonatur’s approach aims to attract long-term investment through projects with genuine demand and clear processes, providing certainty to investors. Fonatur acts as a public partner to facilitate investment and promote ordered tourism growth, aligning profitability with economic and social benefits for the regions.
Key Questions and Answers
- What is Fonatur? The National Tourism Development Fund (Fonatur) is a Mexican government agency responsible for developing tourism infrastructure and promoting sustainable tourism.
- Who is BBVA Mexico? BBVA Mexico is a leading bank in Mexico, offering financial services to individuals and businesses.
- What is the goal of this collaboration? The partnership aims to attract private, national, and international investment for mixed-investment tourism projects in Mexico.
- What types of projects are being considered? Projects include the construction of a convention center in Ixtapa-Zihuatanejo and renovation of Hotel Quinta Real in Oaxaca.
- How will transparency be ensured? Transparent mechanisms like fideicomisos (trusts) will be used to ensure decision-making transparency and attract investors.
