Alfaro Takes Irizarry’s Post

The Government Development Bank for Puerto Rico last week announced that Luis Alfaro will serve as its executive vice president and director of financing, replacing Jorge Irizarry, who was named president of the GDB in December. Alfaro has been working with Irizarry on crafting commonwealth bond transactions, including the $895 million Puerto Rico Public Buildings Authority deal that priced in early December. Along with future debt financings, Alfaro will address investor and banker queries and help centralize investment relations at the GDB’s main office in San Juan. “While our New York office will remain a point of contact, all inquiries will be referred to San Juan,” Irizarry said in a press release. “We will soon be launching enhancements to our Web site to facilitate the flow of investor information.” Alfaro has served as financial adviser since joining the bank a year ago . Previously, he was chief financial officer and economic studies director for the Puerto Rico Department of Transportation and Public Works for more than four years. Alfaro graduated from the University of Sacred Heart in Santurce, where he obtained two bachelor degrees in business administration with a focus on finance and management. In another promotion, Camille Toro will become the bank’s senior vice president and director of financing for infrastructure development. Since 2003, Toro has been a financial adviser at the GDB and will now head the island’s public-private partnership program to help develop private investment in the commonwealth’s public infrastructure. Before joining the the bank, Toro was CFO of a real estate development company and a Federal Reserve Bank officer. She has an MBA from the Inter American University of Puerto Rico.