Puerto Rico’s Department of Economic Development and Commerce is seeking $70 million of federal Transportation Investment Generating Economic Recovery funds to help finance capital projects related to the Port of the America’s development in Ponce.
The government hopes to gain $70 million of the TIGER funds to construct a new access road adjacent to the port development where manufacturing companies could locate. In addition, the potential funds would help rehabilitate a pier at the Port of Ponce.
An exclusivity agreement between Korean-based UCW America Corp. and Puerto Rico expired last week, but the commonwealth continues to hold discussions with UCW and its potential investors with the hope of drafting a concession agreement in the coming months, said DEDC Secretary Jose Perez-Riera.
The Government Development Bank for Puerto Rico has extended a $250 million line of credit towards the project. About $185 million of the funding has already been used to help finance the initial phases of the development.