Agriculture chief Rivera Castro to head Economic Development Bank

Agriculture Secretary Josué E. Rivera Castro received unanimous board approval to become the new president of the Economic Development Bank for Puerto Rico. (Facebook via Dept. de Agricultura)

By THE STAR STAFF

The Economic Development Bank for Puerto Rico (EDB) board of directors accepted the recommendation of Gov. Jenniffer González Colón and unanimously approved the appointment of Josué E. Rivera Castro as the institution’s new president.

The decision, announced Monday, was made following a standard evaluation process, in accordance with the requirements established in the EDB Law and its internal regulations.

Rivera Castro has a solid track record in the business and finance ecosystem, economic growth and development, and the management of federal programs. Most recently, starting on Jan. 12 of this year, he served as secretary of the Puerto Rico Department of Agriculture, a position in which he spearheaded strategic projects to modernize incentives and enhance the competitiveness of the agricultural sector.

From April 2018 to January 2021, he served as the state director of rural development for the U.S. Department of Agriculture (USDA) in Puerto Rico, where he oversaw infrastructure, agriculture and economic stimulus initiatives for rural communities.

Previously, he served as director of the Puerto Rico and Virgin Islands District Office of the U.S. Small Business Administration (SBA) and was an adviser to the Puerto Rico Federal Affairs Administration.

“First, I thank the governor for this appointment and the distinguished Board of Directors of the EDB for evaluating and unanimously approving it,” Rivera Castro said. “I assume this responsibility with a great sense of accountability, unity of purpose, commitment, and respect for the Bank’s fiduciary mission. I am ready to work with a sense of urgency, a strong work ethic, and the conviction that economic development is built by supporting our small and medium-sized businesses [SMEs], which are the backbone of the Puerto Rican economy […].”

The new EDB president announced that his administration will focus on reducing response times, simplifying requirements, expanding access to credit, and strengthening the bank’s operational culture so that it functions in an agile, rigorous and business-oriented manner. He stated that the institution will not be just another bank, but a true engine for SMEs, through financial products such as loans, lines of credit, and investment structures, striving to maintain competitive and stable conditions for borrowers.

Rivera Castro emphasized that his accumulated experience at the USDA, SBA and Agriculture Department during the pandemic will allow him to advance projects quickly, with technical expertise and risk management.