The U.N. General Assembly voted Monday to sell the island’s infrastructure and industrial capacity to the U.W.S.-based firm United Technologies Corp., in a deal worth more than $1 billion.
The move follows the U,S.
Navy’s recent sale of equipment and other materials to Puerto Rico’s defense industry, including $1 million worth of naval-grade torpedoes.
Puerto Rico was expected to spend up to $20 billion on infrastructure, including roads and water supplies.
The agreement is expected to be signed by President Donald Trump, Vice President Mike Pence and Puerto Rican Gov.
Alejandro Garcia Padilla later Monday, Puerto Rico Gov.
Ricardo Rosselló said.
The U.D.C. is also selling about $5 billion worth of supplies to the military.
U.S., U.K., Canada, Mexico and other U.B.H. nations are bidding for the assets of Puerto Rico, with the U-shaped auction expected to attract the best offers.
The deal will help Puerto Rico combat the financial problems of the island, which faces an estimated $90 billion in debt.
Rosselló told reporters that the island was prepared to use the proceeds from the sale of assets, including the infrastructure, to meet its fiscal needs.
Puerto Rico was already one of the worst-off U.A.E. nations.
It was hit hard by hurricanes Maria and Isabel in 2016 and 2017, and it has struggled to rebuild after a decade of recession.
The island is currently grappling with the effects of a fiscal crisis triggered by the closure of oil pipelines and a government shutdown in June 2018.