JOSÉ R. PÉREZ-RIERA APPOINTED REVITALIZATION COORDINATOR
Former Puerto Rico Economic Development and Commerce Secretary; Has the Right Experience to Identify Critical Projects; Role Provides Opportunity to Accelerate Puerto Rico’s Economic Growth
San Juan, PR – August 18, 2023 – The Financial Oversight and Management Board for Puerto Rico announced today the appointment by the Governor of Puerto Rico of José R. Pérez-Riera as Revitalization Coordinator.
Under PROMESA, the Oversight Board submits candidates to the Governor for appointment as Revitalization Coordinator. Governor Pedro R. Pierluisi designated Pérez-Riera as the Oversight Board’s Revitalization Coordinator.
The Revitalization Coordinator is a statutory position created under PROMESA to help facilitate investment and infrastructure development in Puerto Rico. As Revitalization Coordinator, Pérez-Riera will review infrastructure or energy projects for Critical Project designation under Title V of PROMESA, which provides for expedited permitting.
Pérez-Riera has led critical fiscal and economic development initiatives as former Secretary of the Puerto Rico Department of Economic Development and Commerce. Most recently, he has worked in the private sector providing legal and consulting advice to international consulting firms and investment banks, as well as private companies and individuals seeking to invest in Puerto Rico.
“José R. Pérez-Riera’s prior leadership experience in the Government of Puerto Rico is particularly relevant to the Oversight Board’s role in designating Critical Projects under Title V of PROMESA,” Governor Pierluisi said. “His experience in investment promotion and in dealing with public-private partnerships also makes him an ideal candidate for the position now that the Oversight Board seeks to augment its focus on economic development.”
The Oversight Board’s Executive Director Robert F. Mujica Jr. said, “as the focus of Puerto Rico’s recovery shifts decisively from debt restructuring to long-term sustainability and economic development, José R. Pérez-Riera has the right experience to identify Critical Projects that deserve expedited permitting to speed up their implementation.”
“Pérez-Riera’s work for the last two decades has been dedicated to helping Puerto Rico attract investments and creating the right conditions for the economy to grow,” Mujica said. “Title V of PROMESA is another tool to create a better foundation for growth. I am glad Pérez-Riera is joining the Oversight Board at this critical moment to lead this important element of PROMESA.”
Pérez-Riera said, “It is an honor to once again focus on ways to help Puerto Rico maximize opportunities and reach its full potential.”
“Puerto Rico is at a critical juncture. Billions of dollars in federal relief and stimulus funds, and a series of tools made available to Puerto Rico and to the Oversight Board by PROMESA, provide a once in a lifetime opportunity to transform Puerto Rico’s long-term economic growth,” Pérez-Riera said. “The expedited permitting process under Title V of PROMESA provides a significant opportunity to accelerate Puerto Rico’s recovery and growth.”
The Oversight Board recently received several applications related to renewable energy projects and expects more private investors to submit proposals for Critical Project designation. The proposals are currently under review.