Puerto Rico's Fiscal Agency and Financial Advisory Authority (AAFAF) is in discussions with renewable power developers and healthcare institutions about potential future bond issuances through the Puerto Rico Industrial, Tourist, Educational, Medical, and Environmental Control Facilities Financing Authority (AFICA). The Financial Oversight and Management Board (FOMB) has warned that the increasing reliance on this type of debt requires greater transparency and restraint. AFICA can issue public bonds or private placement bonds, which are then loaned to eligible projects under a loan agreement. However, these financings are not guaranteed by the Government of Puerto Rico or any of its agencies. The Board has also mandated stronger oversight measures for AFICA's conduit issuances.