The executive director of the Puerto Rico Fiscal Agency and Financial Advisory Authority (Aafaf by its Spanish acronym), Christian Sobrino Vega, issued a release Friday, inviting “financial entities, developers, administrators, business owners and entrepreneurs” interested in seeking financing to visit his agency’s website and learn about “the advantage of financing certain projects” through the Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority (Afica by its Spanish acronym).
Besides the areas contained in its name, Afica provides alternative financing for commercial, including real estate and agricultural projects through issuances of tax-exempt bonds in the municipal bond markets of Puerto Rico and the United States. The repayment and the collateral of said bonds “comes from, and is the legal and contractual responsibility of the private entities that borrow the proceeds of the bond issue from Afica,” the release explains.
Sobrino stressed that the objective is to continue fostering Puerto Rico’s economic development by facilitating certain projects and capital investments.
“AFICA allows private entities to obtain competitive financing with no burden to Puerto Rico’s public credit, since the Government of Puerto Rico, its agencies, public corporations and instrumentalities are not responsible for debt repayments,” Sobrino Vega pointed out.
On Dec. 28, 2018, for example, Afica issued $9 million in new bonds to finance the construction and development of a library, a science center and other improvements for a private educational entity.
To learn more about Afica, visit http://aafaf.pr.gov/.