Puerto Rico Gov. Alejandro García-Padilla announced changes to his fiscal team Wednesday that call for shifting Treasury Secretary Melba Acosta to the helm of the Government Development Bank, and naming Juan Zaragoza-Gómez as her successor at the agency. The governor also announced the appointment of Luis Cruz as director of the Office of Management and Budget.
The Economic Development Bank for Puerto Rico disclosed Tuesday that during the first quarter of Fiscal 2015, it has approved more than $32.2 million in 68 loans to businesses looking to expand or establish themselves on the island.
A little over month after implementing an online service that enables citizens to interact with the agency in new ways, the Economic Development Bank for Puerto Rico said Wednesday it has received 46 applications for business loans, of which 32 are corporate applications and 14 applications for individual operations.
The U.S. Treasury Department announced Wednesday the transfer of more than $4.9 million in State Small Business Credit Initiative (SSBCI) funds to Puerto Rico to help local businesses access the capital they need to grow and hire.
A group of high-ranking officials participated Wednesday in the annual Code for America summit in San Francisco, where they unveiled an application known as “PrimerPaso” developed for Puerto Rico, to address government-specific problems.
The Gov. García-Padilla administration is looking to broaden the scope of possibilities regarding the establishment of public-private partnerships, or P3s, through legislation that would allow smaller scale projects, P3 Authority Executive Director Grace Santana said.
The U.S. Department of Labor announced Monday awards exceeding a combined $3 million for Puerto Rico and the U.S. Virgin Islands to improve unemployment insurance programs.
The Puerto Rico Treasury Department has spent the last seven months working with a team of local and international experts in tax, fiscal and economic matters to propose an overhaul to the island’s Internal Revenue Code that ultimately should eliminate the “uncertainty” associated with elements of the decades-old statute, agency Chief Melba Acosta told members of the media Thursday.
Puerto Rico’s General Fund net collections fell short of projected estimates by $27.4 million last month, when the government collected $440.6 million, hit mostly by a drop in payments from corporations under Law 154, motor vehicle sales and individual payments.
The Puerto Rico Electric Power Authority announced Thursday that, following a competitive selection process, the Board of Directors has appointed Lisa J. Donahue as chief restructuring officer.
Local Redevelopment Authority for Roosevelt Roads, known as LRA for short, announced Sunday that four entities to move on to the final round of the process to choose a master developer for the former naval base in Ceiba.
With a business development agenda in hand, Puerto Rico Industrial Development Company Executive Director Antonio Medina-Comas will participate this week in the Iberoamerican Economic Congress taking place in Sao Paulo and Brasilia, in Brazil.
The Corporation for the Supervision and Insurance of Puerto Rico Cooperatives, known as COSSEC in Spanish, has adopted a new policy of modernization, innovation and technology to facilitate information between co-ops and the government, President Daniel Rodríguez-Collazo said Thursday.
Credit ratings agency Fitch said Tuesday it believes that a restructuring of Puerto Rico Electric Power Authority's debt obligations remains likely, despite the forbearance agreements between PREPA and certain of its creditors (including bondholders) signed on Aug. 14.
The Puerto Rico Electric Power Authority announced Thursday that discussions with its creditors have resulted in agreements that provide the agency with a “consensual path forward to improve its operations and financial situation.”
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