Federal agencies and Puerto Rico have signed an agreement to accelerate disaster recovery funds of $12 billion to bolster Puerto Rico’s energy infrastructure. The Departments of Energy, Homeland Security, and Housing and Urban Development signed a memorandum with Puerto Rico Governor Pedro Pierluisi. The island suffered over $100 billion in estimated damage when hurricanes Maria and Irma hit in 2017.
“The agreement supports rebuilding a Puerto Rico that can withstand future storms and other natural disasters,” said Eric LeCompte, executive director of Jubilee USA Network, a religious development organization that works with religious leaders across the country. island for disaster relief and debt relief. “A modern power grid that meets renewable energy goals and can reduce future risks to the island’s economy is essential.”
In January, a judge upheld a settlement that raised Puerto Rico’s $72 billion debt to $34 billion. The judge is overseeing a special bankruptcy process mandated by debt crisis legislation passed by Congress in 2016.
“Puerto Rico’s debt agreement is based on assumptions that substantial federal aid and disaster relief will continue to reach the island,” LeCompte noted.
Read the full DHS MoU here.
Read Jubilee’s press release on Puerto Rico’s debt deal here.