Puerto Rico Government Development Bank
 | |
| Headquarters | San Juan, Puerto Rico |
|---|---|
| Established | September 23, 1948 |
| Currency | USD |
| Preceded by | Development Bank |
| Website | www |
The Government Development Bank for Puerto Rico (GDB) —
| Entity | Common name | Type | Responsibility |
|---|---|---|---|
| Authority for the Financing of the Infrastructure of Puerto Rico | AFI
|
affiliate | infrastructure |
| Children's Trust Frund | CTF | affiliate | childhood improvements |
| Industrial, Tourist, Educational, Medical, and Environmental Control Facilities Authority | AFICA | affiliate | multiple sectors |
| Housing Finance Authority | PRHFA | subsidiary | housing subsidies and incentives |
| José M. Berrocal Institute for Economics and Finance | Berrocal Institute | subsidiary | internships |
| Municipal Financing Agency | MFA | affiliate | municipalities |
Municipal Financing Corporation
|
COFIM
|
affiliate | municipal tax |
Public Financing Corporation
|
PFC
|
subsidiary | general obligation bonds (executive agencies/central government) |
Public-Private Partnerships Authority
|
PPPA
|
affiliate | public-private partnerships
|
Sales Tax Financing Corporation
|
COFINA
|
affiliate | sales tax (IVU/SUT)
|
| Tourism Development Fund | TDF | affiliate | tourism and hotel industry |
History
The Bank was the brainchild of Governor
During its formative years, the GDB helped financially structure the Puerto Rico Water Resources Authority, the new publicly owned electric company that generated much of its power from a hydroelectric system. During its first decade, GDB financed infrastructure development, particularly the development of low-cost housing.
Between 1951 and 1965, the GDB issued over $1 billion in bonds to finance the islands' infrastructure, contributing to Puerto Rico's economic growth. It also spurred the growth of the private sector, financing Puerto Rico's first condominium and several of its first shopping centers built in 1956, when private banks were reticent in assuming such ground-breaking risks.
During former Gov.
The GDB is in the process of winding down its operations in an orderly fashion under Title VI of the Puerto Rico Oversight, Management, and Economic Stability Act, Publ. Law 114-187 of June 30, 2016 (PROMESA).
Presidents
- 1942–1953: Rafael Buscaglia
- 1953–1957: Guillermo Rodríguez Benítez
- 1958–1964: Rafael Picó
- 1965–1969: Juan Labadie
- 1970–1973: Roger Wall
- 1973–1975: Juan Albors
- 1975–1975: Guillermo Rodríguez Benítez
- 1975–1976: Alfredo Salazar, Jr.
- 1977–1978: Mariano Mier
- 1978–1985: Julio Pietrantoni Blasini
- 1985–1986: José Ramón Oyola
- 1986–1989: José Ramón González
- 1988–1991: Ramón Cantero Frau
- 1991–1992: José Berrocal
- 1993–1998: Marcos Rodríguez Ema
- 1998–2000: Lourdes Rovira
- 2001–2002: Juan Agosto Alicea
- 2002–2003: Hector Méndez
- 2003–2004: Antonio Faría Soto
- 2005–2005: William Lockwood Benet
- 2005–2007: Alfredo Salazar, Jr.
- 2007–2008: Jorge Irizarry Herrans
- 2009–2011: Carlos M. García
- 2011–2012: Juan Carlos Batlle
- 2013–2013: Javier Ferrer
- 2013–2014: José Pagán Beauchamp (interim)
- 2014–2016: Melba Acosta Febo
- 2016–2016: Alberto Bacó Bagué
- 2017–2019: Christian Sobrino Vega
See also
- List of bonds issued by Puerto Rico
References
- ^ "Banco Gubernamental de Fomento para Puerto Rico" (PDF). Government of Puerto Rico. Retrieved December 1, 2014.
- ^ "Banco Gubernamental de Fomento (BGF)". Government of Puerto Rico. Retrieved December 1, 2014.
- ^ "History: Gallery of Presidents". Commonwealth of Puerto Rico. Retrieved December 1, 2014.