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EDB, Justice sign MOU for property registry oversight

From left: Wanda Vézquez, Luis Burdiel-Agudo and Ivelisse Torres during the signing of the agreements.

The Puerto Rico Economic Development Bank and the Justice Department announced Thursday the signing of a Memorandum of Understanding that will streamline processes, increase administrative efficiency and strengthen enforcement efforts related to the Property Registry for both agencies.

“Today, we unite to work as a team with important government entities to streamline administrative processes, increase transparency and promote the cooperative model that has served Puerto Rico so well,” said EDB President Luis Burdiel-Agudo.

The agreement with Justice is intended to allow the EDB to obtain access to the Puerto Rico Property Registry’s new Karibe system to submit documents, request registration certifications and consult the Registry’s records by telematic means.

The goal is to maximize the research effort and reduce the processing costs for transportation and travel to the Registry’s sections by EDB employees, Burdiel-Abudo said.

“Today, technology allows us direct access to the history of real estate through the Karibe System. Through this agreement, Justice enables the EDB’s access to it in all processes involving properties in a fast and truthful manner, allowing and facilitating real estate transactions, which encourages Puerto Rico’s economic development,” Justice Secretary Wanda Vázquez said.

Meanwhile, the EDB signed a separate agreement with the Cooperative Development Commission to actively promote the entrepreneurial cooperative model. The agreement between the EDB and CDCOOP opens the door for the establishment of a strategic alliance aimed at providing financial support, training, and advice to new and existing entrepreneurs seeking to adopt the business cooperative model, the EDB noted.

Both institutions would work on promotional campaigns, training, talks and other initiatives to promote the business cooperative model. The development of “youth cooperatives” will be promoted, in accordance with Law 220 of 2002 and cooperatives under Law 239 of 2004, as amended. In this last line, efforts will focus on vocational schools and universities.

“This has been a good year for the development of cooperatives in Puerto Rico, they contribute significantly to economic development and fully comply with the aspect of social responsibility based on their values,” said the Commissioner of the Cooperative Development of Puerto Rico, Ivelisse Torres.

“We know that the EDB will be a valuable tool in management and business education to achieve solid and successful cooperative enterprises,” she said.

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

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