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Municipality of Caguas gets $19.2M credit line to finance recovery projects

The Caguas municipal government has locked down a $19.2 million non-revolving line of credit from Banco Popular to finance expenses related to the recovery projects related to the damages caused by Hurricane María in 2017.

Caguas Mayor William Miranda-Torres confirmed that the town’s administration approved an ordinance authorizing the financing.

The town will use the funding to pay for some 72 projects, for which the Federal Emergency Management Agency (FEMA) will provide reimbursement. This means that the municipality does the work and, according to established procedures, then receives the reimbursement money from FEMA, he said.

“We currently have 72 damages (FEMA uses this term to refer to projects) for which we have sufficient funds to fully carry out,” Miranda-Torres said.

“These projects represent an investment of approximately $22 million. Soon, we will be announcing the list of projects that will be carried out,” he added.

The line of credit will constitute a general obligation for the Autonomous Municipality of Caguas.

Hurricane preparedness underway
While calling on town residents to prepare for this year’s hurricane season, Miranda-Torres, announced that the municipal administration will present a virtual forum entitled “Prevention and preparation for the hurricane season in times of pandemic,” which will be broadcast June 5 at 10 a.m. on the municipality’s Facebook page. Hurricane season began June 1 and ends Nov. 30.

He explained that the Municipal Emergency Management Office is following through with its emergency plan for the hurricane season and is inspecting areas susceptible to floods or landslides, as well as ditches and sewers to certify that they are not clogged.

Miranda-Torres also asked town residents to be “proactive” in removing debris from their homes that could turn into projectiles in hurricane-force winds.

Author Details
Author Details
Business reporter with 30 years of experience writing for weekly and daily newspapers, as well as trade publications in Puerto Rico. My list of former employers includes Caribbean Business, The San Juan Star, and the Puerto Rico Daily Sun, among others. My areas of expertise include telecommunications, technology, retail, agriculture, tourism, banking and most other segments of Puerto Rico’s economy.

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