The Puerto Rico Oversight Board hired José Pérez Riera as a revitalization coordinator to facilitate investment and infrastructure development on the island, as prescribed by PROMESA.
Pérez Riera, who started work Monday, fills a job that has been vacant since February 2019.
Under the Puerto Rico Oversight, Management, and Economic Stability Act, Pérez Riera will review infrastructure and energy projects for PROMESA Title V’s “critical project” designation, which provides for expedited permitting.
Following PROMESA’s rules, Gov. Pedro Pierluisi selected Pérez Riera from several board-provided candidates.
Pérez Riera worked as Secretary of the Puerto Rico Department of Economic Development and Commerce in the administration of Gov. Luis Fortuño. More recently he has worked in the private sector providing legal and consulting advice to international consulting firms, investment banks, private companies and individuals seeking to invest in Puerto Rico.
Pérez Riera’s “prior leadership in the government of Puerto Rico is particularly relevant to the Oversight Board’s role in designating critical projects under Title V of PROMESA,” said Pierluisi. “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.”
“Puerto Rico needs urgently for the revitalization funds to flow through the massive red tape and finally pump some ‘jet fuel’ across all industries and be properly executed so the private sector can start doing the work,” said Intermetro University Professor Antonio Fernós Sagebien.
The key will be setting policy that helps some people without making anyone worse off, he said. “Pérez Riera will need an army of people to achieve this and hopefully he can rely on internal help and move away from the outside consulting moguls.”
With Puerto Rico almost done with debt restructuring, it needs to address “long-term sustainability and economic development,” said Oversight Board Executive Director Robert Mujica Jr. “Pérez Riera has the right experience to identify critical projects that deserve expedited permitting to speed up their implementation.”
Noel Zamot was the last person to work solely in the role of revitalization coordinator. He resigned in February 2019 out of frustration with his experiences with the administration of Gov. Ricardo Rosselló. Executive Director Natalie Jaresko tried to take on some of the position’s responsibilities.
On Friday the board reported it has received several applications for renewable energy projects that will be considered for the critical project designation.