Entities

AFICA

AFICA is a public corporation and instrumentality of the Commonwealth of Puerto Rico established by Act No. 121 of June 27, 1977 (“Act 121”). AFICA is an integral economic development tool of the Government of Puerto Rico, by acting as a conduit financing public corporation that facilitates tax-exempt financings of educational, medical, environmental, agricultural, tourist, commercial, and industrial projects. AFICA is managed by the Office of Financial Advisory of the Puerto Rico Fiscal Agency and Financial Advisory Authority (“AAFAF”), which is the fiscal agent and financial advisor to the Government of Puerto Rico and its government agencies, public corporations, municipalities and instrumentalities.

AFICA can finance Eligible Projects, as defined in Act 121, by issuing an AFICA Bond(s) or by using the funding source of a loan or loans provided to AFICA by a financial institution(s) or institutional investor(s). AFICA then lends the proceeds of an AFICA Bonds or loans to an Eligible Project. AFICA financings are non-recourse to AFICA and are not guaranteed by the Government of Puerto Rico or any of its instrumentalities