What is AFICA?
AFICA is a public corporation and instrumentality of the Government of Puerto Rico, created by Law No. 121 on June 27, 1977, as amended (Act 121). Corporate entities that are eligible to receive financing through AFICA may finance their eligible projects, as allowed under Act 121 and AFICA’s Lending Rules, as amended. AFICA is a tax-exempt corporate entity pursuant to the provisions of the internal revenue codes of Puerto Rico and of the United States.
Act 121 authorizes AFICA to issue AFICA Revenue Bonds to: (i) finance, in whole or in part, the development and construction costs of new industrial, commercial, tourist, agricultural, educational, medical and environmental control facilities (“Eligible AFICA Projects” or First, Second or Third Priority Order Projects”, under AFICA Lending Norms) and (ii) refinance permanent debts of Eligible AFICA Projects, subject to compliance with AFICA Lending Rules.
AFICA aims to pave the way for and to facilitate project financing in order to promote the economic development of Puerto Rico.
How does AFICA work?
The interest revenue that the AFICA bondholders receive is exempt from taxes in Puerto Rico and in the United States of America, provided that the project financed through AFICA complies with the applicable Puerto Rico and U.S internal revenue codes provisions.
More about AFICA
Any proponent or entity interested in using AFICA to finance a project that qualifies as “Eligible Project” under AFICA’s Lending Rules must carefully and thoroughly read said AFICA Lending Rules and follow the instructions on how to prepare and complete an “AFICA Application.” Every AFICA financing is subject to the consideration, evaluation and credit approval of the Board of Directors of AFICA, the Board of Directors of the Puerto Rico Fiscal Agency and Financial Advisory Authority and, when applicable, the Financial Oversight and Management Board for Puerto Rico.
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