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AFICA issues $9M in investment bonds for school construction project

The Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority (known as AFICA, for its initials in Spanish) issued $9 million in new bonds to finance the construction and development of a library, a science center and other improvements for Baldwin School of Puerto Rico.

Puerto Rico Fiscal Agency and Financial Advisory Authority Executive Director Christian Sobrino said the emission took place Dec. 28, 2018. The bonds are not guaranteed by the Commonwealth of Puerto Rico nor by any government instrumentality, and the bond’s principal and interest payments will be made by the educational institution.

“This is the first AFICA bond issue since December 2012 and the first AFICA issue for a new investment since the early 2000s,” said Sobrino, who is also the chairman of AFICA.

“This reflects that Puerto Rico continues to recover the trust of the investment sector as it is willing to invest capital on educational projects in the island,” he said. “Also, we’re very pleased with the fact that this bond issue will benefit a nonprofit entity that promotes academic excellence.”

The proceeds from the bond emission be used to build and renovate the school’s Student Center for Innovation, which includes laboratories, technology and other learning spaces for students. In addition, a library will be developed featuring academic resources, new student and community meeting spaces, and multimedia technology aimed at innovating the learning methods.

AFICA was created by Act 121 on June 27, 1977 to issue revenue bonds to provide financing to eligible projects.

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This story was written by our staff based on a press release.

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