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EDB’s Joey Cancel Named to GDB’s Board

By on August 18, 2016

SAN JUAN — Joey Cancel Planas, president of the Puerto Rico Economic Development Bank, was appointed Aug. 3 to the Government Development Bank’s (GDB) board of directors, bringing back to four the number of acting board members at the GDB.

Joey Cancel Planas, president of the Economic Development Bank and new board member of the GDB

Joey Cancel Planas, president of the Economic Development Bank and new board member of the GDB

Both the GDB and La Fortaleza’s press office confirmed the appointment to Caribbean Business Thursday.

The bank’s board — which still has three empty seats — now comprises Cancel, private-sector representatives Carlos Bonilla and Rafael Vélez, and GDB President Alberto Bacó-Bagué, who is also acting as chairman of the board. As first reported by Caribbean Business, the under-the-radar appointments of Vélez and Bonilla were made by La Fortaleza on May 17.

With the departure of former President & Chairwoman Melba Acosta on July 31, the GDB board was left with four of its seven seats vacant, as well as with no quorum to effectively make decisions.

Prior to Acosta’s exit, the board green-lit a $28 million interest payment due Aug. 1 on GDB debt. However, La Fortaleza decided not to authorize the payment, as allowed by Gov. Alejandro García Padilla’s executive order, which imposes a moratorium on the bank’s debt payments.

The GDB continues to see its liquidity levels dwindle — hovering around $160 million — amid strict cash-outflow restrictions placed by the administration a few months ago, aimed at stabilizing the troubled bank.

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