AAFAF - Autoridad de Asesoría Financiera y Agencia Fiscal de Puerto Rico

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AFICA Financing
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority (AFICA)

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?

  • AFICA issues AFICA Revenue Bonds, which may be sold in the tax-exempt municipal bond markets
    of Puerto Rico and/or the United States of America.
  • The cash proceeds of the AFICA Revenue Bonds issue are then loaned by AFICA to the corporate entity owner and developer of the Eligible AFICA Project.
  • The AFICA Revenue Bonds are limited legal obligations of AFICA, given that the payment of principal and interest on the AFICA Revenue Bonds is the legal and contractual obligation of the corporate entity that benefits from the money loaned by AFICA. The AFICA bond issuances are not repaid or guaranteed by any agency, public corporation or instrumentality of the Government of Puerto Rico.

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.



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What projects is AFICA authorized to finance? Industrial, commercial (including shopping centers and similar projects), educational, environmental, agricultural, tourist, and medical facilities projects.

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.