Expansion of CAF’s Latin American scope: the incorporation of Panama and Paraguay as full members in 2008 –which will result in an increase of paid-in capital of USD 360 million– followed that of Argentina, Brazil and Uruguay in 2007. Progress in promoting CAF’s activities in the European Union and other regions of the world, including Asia, in its effort to mobilize resources to finance development projects in Latin America. The Italian parliament approves the incorporation of Italy as shareholder and Portugal signs a Letter of Intent for its incorporation in the near future. Record levels of approvals (USD 7,946 million) and loan portfolio (USD 10,259 million), with full members receiving 96% of total approvals. Additionally, non-reimbursable resources amounted to USD 38 million. Establishment of contingent credit lines for USD 1.5 billion to assist shareholders in mitigating the effects of the financial crisis. Excellent financial performance: Total Assets of USD 14.3 billion and Shareholders’ Equity of USD 4.6 billion (includes new capital payments of USD 206 million). Bond placement in Swiss Francs equivalent to USD 194 million, which marked CAF’s entrance in the demanding Swiss capital market, open only to issuers of high credit quality. Reaffirmation of the Institution’s credit ratings, despite the adverse international financial environment.