During the festival, del Toro is imparting a series of free master classes to thousands of fans, reported Variety.
After his first masterclass, the organisers announced the creation of the Jenkins-Del Toro International Film Scholarship, a USD 60,000 annual award for an aspiring Mexican filmmaker to study abroad at a prestigious film institute.
"If we change a life, if we change a history, we change a generation. The first push is very important," said del Toro, who will oversee a jury that awards the scholarship at the Guadalajara film fest each year.
The director, whose romance-fantasy film "The Shape of Water" took home four Academy Awards last week, also announced that his "At Home with Monsters" exhibit will hit museums in Guadalajara and Mexico City next year.
The exhibit features 500 drawings, paintings and concept pieces from del Toro's works, including life-size sculptures of monster figures.
Oscar-winning production designer Eugenio Caballero, who worked with del Toro on "Pan's Labyrinth", will be curating the collection.
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