The bid was announced in a joint statement from the country’s foreign ministry and the national Olympic committee (COM) on Wednesday.

Foreign Minister Marcelo Ebrard said they would announce a promotion committee on November 30 as the first step of the process, followed by assessments to determine the host cities.

“We see ourselves as a successful and ambitious country,” Ebrard told reporters.

“We are the only country that will host three FIFA World Cups, we are a vigorous country with one of the best economies in the world.”

Mexico City previously hosted the Olympics in 1968.

COM president Maria Jose Alcala said Mexico had been under consideration as a candidate since July, when International Olympic Committee (IOC) president Thomas Bach sent a letter expressing his enthusiasm for a potential bid.

Olympic athletics medallist Ana Gabriela Guevara, who is the director of Mexico’s National Sports Commission, had earlier said it was economically unfeasible for the country to host the Games.

In response, Ebrard said the financing system for the Olympics had changed and the government would contribute only 10 per cent of the total expenses, adding Mexico already has the infrastructure for the event.

“We will initiate the studies requested by the IOC to take into account the changes that have taken place in the Olympic Games financing … there is no bond to be paid in the process,” he said.

“The Olympics should fit the cities, not the other way around – not build and then not use the facilities.

“We would have 15 years, enough time to organise it. If Mexico proposes something, it is to achieve it.”

The next summer Olympics will take place in Paris in 2024, with Los Angeles hosting in 2028 before the Games come to Brisbane in 2032.