CAF commemorated its fortieth anniversary in a year of consolidation and growth. The Institution contributed significantly to the development debate in the region by initiating a strategic discussion on the challenges that Latin America must address in coming decades. CAF has positioned itself as an important player in generating and disseminating public policy knowledge in the region, through its presence in important international fora and events and its working agenda with international think tanks. The Institution’s new Latin American dimension has been strengthened by its recent capitalization processes and the resulting capital increases, and is also reinforced by a series of cooperative agreements with other international organizations, including the China Development Bank, the Import Export Bank of India, and the French Development Agency.The Institution successfully placed over USD 2 billion in 10 bond issues, thereby registering the most intense activity in capital markets in its history. During the year, CAF launched its second bond issue in the prestigious Swiss market, and continued to participate in Latin American capital markets.