Monday, September 23, 2019

Puerto Rico governor designates GDB president as his representative to fiscal board

By on July 20, 2017

SAN JUAN – Puerto Rico Gov. Ricardo Rosselló appointed on Thursday the president of the Government Development Bank (GDB), attorney Christian Sobrino Vega, as his representative to the Financial Oversight & Management Board. He will  take the seat left vacant by the resignation Wednesday of Elías Sánchez.

After the oversight board certified the fiscal plan and budget, the governor emphasized that Sobrino will have the task of pushing the agenda for the island’s economic development before the federally established fiscal entity. He must also ensure the implementation of the fiscal plan in benefit of the people of Puerto Rico.

In foreground, from left: the executive director for the Fiscal Agency and Financial Advisory Authority, Gerardo Portela; the new representative of the governor to the fiscal board, Christian Sobrino; and Gov. Ricardo Rosselló (Courtesy)

“Sobrino has been fundamental in the success of our administration to channel our fiscal plan and as a main advisor of economic development of La Fortaleza. There is no doubt that Sobrino will be present in the meetings of the Board to look out for the best interests of the people of Puerto Rico. I am grateful to Sobrino for accepting such an important duty,” the governor said in a written statement.

After expressing his gratitude for the appointment, Sobrino said he will promote Puerto Rico’s economic development before the fiscal board, since it is pivotal to the island’s recovery.

“There can be no economic recovery without the implementation of a concerted plan to encourage investment, create more jobs, and achieve that Puerto Rico becomes an ideal place to make business. Without this component we cannot stop the migration of our brothers and sisters, and a better quality of life for the residents of the Island,” the GDB president wrote.

Governor’s representative to Puerto Rico fiscal board steps down

According to the governor’s office, La Fortaleza, Sobrino earned a bachelor’s degree in Literature and Humanities from Boston College and a Juris Doctor from the University of Puerto Rico School of Law.

He worked in the law firm O’Neill & Borges, and in 2013 joined the corporate department of the law firm Pietrantoni Méndez & Álvarez, where he focused on financial transactions, corporate restructurings and government contracting, among others.

In 2015, he led the ethics and compliance program of AbbVie pharmaceutical, and formed part of the company board, in charge of heading the commercial operation.

In 2016, he was appointed president of the GDB and his work has mostly dealt with the public corporation’s plans to close within 10 years. The GDB will become a “collection agent”of sorts for the loans in the entity’s books, particularly those belonging to municipalities.

Under his leadership, the board “conditionally” certified the restructuring support agreement between the GDB and its creditors under Title VI of the federal Promesa law.

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