Velázquez bill would boost P.R. small business growth
May 19, 2017
The top Democrat on the House Small Business Committee, Rep. Nydia M. Velázquez (D-NY), unveiled Thursday an array of legislative proposals aimed at igniting small business growth and entrepreneurship in Puerto Rico.
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Rosselló certifies 260 co.’s creating 1K jobs islandwide
May 17, 2017
Gov. Ricardo Rosselló announced Tuesday the certification of 260 companies that are creating more than 1,000 jobs islandwide in the areas of sales, service and manufacturing.
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PR gets $4.1M for healthcare, firefighting services
May 17, 2017
Resident Commissioner Jenniffer González-Colón announced Tuesday the awarding of federal funds in the amounts of $3.5 million to the Barceloneta Primary Health Services Inc. health care center, and $613,914 to the Puerto Rico Firefighter Corps.
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GDB, creditors reach debt restructuring agreement
May 16, 2017
Gov. Ricardo Rosselló announced Monday that the Puerto Rico Fiscal Agency and Financial Advisory Authority (AAFAF, for its Spanish acronym) and the Government Development Bank of Puerto Rico have entered into a restructuring support agreement (RSA) with a significant portion of its major stakeholders.
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PREPA RSA provides for consensual debt restructuring
May 9, 2017
The Puerto Rico Electric Power Authority provided additional detail on its previously announced extension and supplement to its restructuring support agreement (RSA) with the ad hoc group of PREPA bondholders, the fuel line lenders, the monoline insurers and the Government Development Bank for Puerto Rico.
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Reactions abound over govt’s Title III restructuring filing
May 4, 2017
Local and stateside creditors and credit ratings agencies did not reach a true consensus over the government's decision and future effect of seeking the bankruptcy-like protection under Title III of PROMESA on Wednesday to restructure some $70 billion in debt.
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U.S. House votes to close investor protection loophole
May 2, 2017
The U.S. House of Representatives voted Monday to close a decades-old loophole that has exempted financial institutions operating in Puerto Rico and the territories from the same investor protections that apply on the mainland.
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Congressional funding package includes $300M for P.R.
May 2, 2017
Puerto Rico Gov. Ricardo Rosselló confirmed Monday that Puerto Rico was included in the Appropriations package expected to be approved by Congress this week, which will guarantee $296 million toward the Medicaid shortfall, $3.3 million for the dredging works in the San Juan Harbor, and $750,000 to start working on the Martín Peña Channel.
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Oversight Board certifies fiscal plans for 4 P.R. agencies
May 1, 2017
The Financial Oversight and Management Board for Puerto Rico on Friday approved and certified the fiscal plans of four covered territorial agencies: the Government Development Bank; Puerto Rico Highways and Transportation Authority; Puerto Rico Aqueduct and Sewer Authority; and Puerto Rico Electric Power Authority, with amendments.
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EDB unveils new commercial loan guarantee program
April 27, 2017
Economic Development Bank President Luis Burdiel-Agudo unveiled Wednesday details of a new guarantee or insurance program for commercial loans to be provided by other financial institutions, including credit unions.
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Treasury collects $994.4M in March, $64.7M more YOY
April 21, 2017
The Puerto Rico Treasury Department reported Thursday that net revenues recorded in the General Fund in March totaled $994.4 million, which was $64.7 million, or 7.0 percent, more than in March 2016
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Members urge Congress to extend Medicaid grant in PR
April 7, 2017
On Thursday, 74 Democratic members of Congress sent a letter to Speaker Paul Ryan (R-WI) urging immediate action to prevent the nearly 1 million residents of Puerto Rico who rely on Medicaid from losing their coverage.
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Rosselló announces deal with PREPA bondholders
April 6, 2017
Puerto Rico Gov. Ricardo Rosselló announced that the Fiscal Agency and Financial Advisory Authority acting on behalf of the Puerto Rico Electric Power Authority has reached an agreement in principle regarding an enhancement of the terms of the restructuring support agreement with the Ad Hoc Group of PREPA bondholders, its fuel line lenders, the monoline insurers and the Government Development Bank for Puerto Rico.
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Moody’s downgrades $13B of PR bonds, revises outlook
April 6, 2017
Moody's Investors Service on Wednesday lowered the ratings on debt of the Government Development Bank and five other Puerto Rico issuers, with a total of approximately $13 billion outstanding.
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INVID gets $377K from EDB to create jobs, expand reach
March 30, 2017
Looking to double its client base at the local level and export its services internationally, Internet Vision Development (INVID) has signed a financing agreement of $377,000 with the Puerto Rico Economic Development Bank, company and bank officials said Wednesday.
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