The Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority (AFICA by its Spanish acronym) was originally established in 1977 as a public corporation affiliated to the Government Development Bank to provide private entities access to the capital markets in order to finance industrial projects, mainly related to pollution control. Subsequent amendments to AFICA bylaws and changes to its Charter Law have been made to include manufacturing, tourism, medical, educational, and certain qualified commercial projects.
The GDB affiliate agency provides an alternate method to finance capital investment in Puerto Rico for public and private sector projects which help boost the island’s economic development.
AFICA provides financing for these projects, usually at a lower cost than those offered by the private sector, and acts as a conduit in financing projects through tax-free bond issues. While AFICA benefits investors, by offering tax-free income, it also helps borrowers as they obtain financing at usually lower interest rates than those offered by the private sector.
Since its creation, AFICA has participated in over 238 transactions facilitating over $6 billion in financing transactions.
For more information on AFICA as a tax-exempt securities conduit issuer, including its most recently release financial statements, click HERE.
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