FIBRA-E FIDEAL 20 is a trust created on April 7, 2020, issuer of energetic and infrastructure fiduciary bonds (Fibra-E), which main purpose is to invest in shares or equity interest’s representative of the capital stock of any Mexican legal entity, resident in Mexico for tax purposes, which match the requirements set forth in the Tax Provisions regarding Fibra-E, that may be applicable from time to time.

The Fibra-E scheme allows public and private companies to receive investments and/or monetize their equity participation in energy and infrastructure projects and/or assets, as well as to take advantage of certain tax benefits that the Federal Government grants to the trusts and the Eligible Companies that participate under the Fibra-E scheme when they comply with the requirements set forth in the Tax Provisions, in order to encourage investment in the energy and infrastructure sectors. In this sense, Fibra-E represents an additional source of capital with competitive cost, tax advantages, and captures the manager’s value in generating monetary worth through performance distributions.

FIDEAL 20’s equity consists of shares representatives of the capital stock of concessionary companies of Vías Troncales, CFC, ATM, and Arco Norte Concessions. The concessioned roads are strategically located and interconnect areas with densely populated cities and highway systems of nationally and internationally commercial relevance. Likewise, these concessioned roads are axes for communication areas with a high and stable flow of highway vehicles. Economic development, urban modernization, demographic growth, and increased commercial activity are fundamental characteristics supporting the Concessionaires’ solid creation of monetary value.

Vías Troncales Concession

The Chamapa-La Venta Highway and its Interlomas annex has a total length of 10.8 kilometers, and is located in the west of Mexico City, connecting the cities of Naucalpan and Huixquilucan in the State of Mexico. The highway has been fully operational since February 1992.

CFC Concession

Libramiento Nor-Oriente de Toluca Beltway has a total length of 30 kilometers and is located in the municipalities of Lerma, Toluca, Otzolotepec, Xonacatlán, Temoaya and Almoloya de Juárez in the State of Mexico. This highway represents a shorter and safer route between Mexico City and the Atlacomulco-Zapotlanejo Highway, which operates as a beltway for Toluca. The highway has been fully operational since September 2007.

ATM Concession

The 29.8-kilometer Tijuana-Mexicali Highway, in the State of Baja California, connects important highways, including the El Hongo-Rumorosa-Mexicali Highway, the Tecate-Ensenada Toll-free Highway, and the Tijuana and Mexicali International Bridges. The highway has been fully operational since October 1994.

Arco Norte Concession

The 223-kilometer Arco Norte Highway in Mexico City serves as an urban beltway for the Metropolitan Area of the Valley of Mexico, connecting four states: Puebla, Tlaxcala, Hidalgo, and the State of Mexico, avoiding to get through Mexico City. It crosses the Mexico-Querétaro, Mexico-Pachuca, Mexico-Tulancingo, Mexico-Puebla and the Texcoco-Apizaco Highway, among others. The highway has been fully operational since May 2011.



FIDEAL 20’s administrator is Promotora del Desarrollo de America Latina, S.A. de C.V. (Promotora IDEAL or “PDAL”); which is an IDEAL’s indirect subsidiary, and, by the number of kilometers they have under concession, is one of the leader companies in the operation and administration of toll highways in Mexico.

It currently owns a portfolio of 12 concessions as for the operation and administration of toll highways in Mexico. The Administrator has a robust corporate governance practices and an experienced management team.

Within the obligations of the Administration are the management activities related with the shares or partnership interests of the Eligible Companies and their assets, the infrastructure asset management activities, human resources activities, investments, divestments, distributions, loan contracts, as well as the exercise of all rights regarding the interests of the Trust, among others.

Technical Committee

One of FIBRA-E’s internal control measures is the Technical Committee, which performs by the following functions:


– Verify the Administrator’s performance.

– Review the Performance Report submitted quarterly by the Administrator.

– Supervise the compliance of the Trustee to its obligations under the Trust Agreement.

– Approve any appointment and/or removal of the External Auditor.

– Establish the methods and internal controls which ensure the status of the assets that are part of the Trust Estate.


The Trust’s Technical Committee is constituted by 5 Principal Independent Members and 3 Principal Members:

Gerardo Camargo Robles– Principal Independent Member

With more than 26 years of experience in the financial sector, he had held relevant positions for investment decision-making at Grupo Financiero Inbursa. Since 2000, he has been in charge of the Stock Market Subdirectorate of Grupo Financiero Inbursa and is in charge of the investment analysis of all the Group.



Luis Roberto Frías Humphrey - Principal Independent Member

Industrial engineer from the Universidad Iberoamericana. He currently works as Corporate and International Banking Director at Banco Inbursa. He is member of the board of directors of Inbursa Seguros de Caución, Operadora Inbursa and SOFOM Inbursa.



Arturo Spinola García – Principal Independent Member

He has more than 30 years in Grupo Carso, participating in different companies in Mexico, Brazil and Chile in the areas of controllership, administration and finance. He is currently Treasurer of the Board of Directors of Grupo Carso, S.A.B. de C.V.

He also serves as Finance and Administration Director in the construction, industrial and energy sectors of Grupo Carso, S.A. de C.V. and he is a member of the Boards of Directors of Promotora de Partes Eléctricas Automotrices, S.A. de C.V.; of Cobre de México, S.A. de C.V., and of FCC Americas, S.A. de C.V. (joint venture between Carso Infraestructura y Construcción and FCC).



Juan Ramón Lecuone Valenzuela – Principal Independent Member

Economist from Universidad Anáhuac, with master and doctorate studies in economics from Cornell University, Ithaca, NY, in the areas of economic theory, econometrics and mathematical demography.

Until march 2018 he worked as a professor of the Universidad Anáhuac’s Faculty of Business and Economics.


Jeanett Vanessa Coronado Méndez – Principal Independent Member

Industrial and systems engineer from Tecnológico de Monterrey, and with  a master’s degree in global business administration from the Thunderbird School of Global Management and the Tecnológico de Monterrey.

She works as IDEAL’s Finance Director, where she previously held the position of General Manager of Arco Norte y Pacifico Sur. She previously worked in different business units of General Electric, in finance areas including financial planning and analysis, controllership, acquisitions, project evaluation and business development.



Carlos Facha Lara – Secretary (non-member)

Graduated in Law from the Universidad Iberoamericana.

Born in Mexico City, on March 21, 1972.

He has worked in subsidiaries and companies related to GCarso and Grupo Financiero Inbursa since 1996, of which more than 15 years he worked at Grupo Financiero Inbursa in the international area and in the Legal Department.

Since the creation of the Company, he has served as Legal Director and in 2020 he was appointed as General Legal Director, additionally assuming the area of Compliance, Environmental and Right of Way.

Since the incorporation of the Company, he has been its Secretary of the Board of Directors, and previously also of Minera Frisco, SAB de C.V. In the latter, he also served as Legal Director.

He has been Secretary of the Company’s Board of Directors since 2005.

Mara Pamela Mújica Ramos – Principal Member

Graduated in Law from Universidad Panamericana. She is Assistant Legal Manager of IDEAL with more than 15 years of experience. She is Pro-Secretary of the Board of Directors of Minera Frisco.

Previously, she was Legal Manager at Grupo Financiero Inbursa.

Alfonso González Migoya – Principal Member



Financial Information