Puerto Rico Economic Development Administration

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The Puerto Rico Economic Development Administration, known as "Fomento" in Spanish, was created in the 1940's and for many years was the main government agency responsible for the dramatic industrialization of Puerto Rico from the 1950's to the 1990's. The agency was recently merged into the Puerto Rico Industrial Development Company, or PRIDCO, which for years had operated as Fomento's subsidiary.

Fomento's first administrator was Teodoro Moscoso, who was the brainchild of Puerto Rico's conversion from an agrarian society to an industrialized society, before moving on to greater things, such as heading President John F. Kennedy's Alliance for Progress and serving as United States Ambassador to Venezuela.