One of the most relevant challenges raised by the positive economic cycle in Latin America in recent years, is the imperative to translate favourable conditions into a sustainable and high quality growth. It is in this context that the Agenda for Comprehensive Development proposed by CAF seeks three fundamental objectives: macroeconomic stability, microeconomic efficiency and social equity. Synergy among these elements must be achieved while promoting a stronger democratic framework, greater international insertion, and environmental sustainability. Aspecial chapter of this Annual Report is devoted to the latter, demonstrating the Institution’s commitment to the development of environmental initiatives within the region. 2006 marks a new historic high in the level of approvals. Operations in Series C shareholders also registered significant increases, and important progress was made towards the incorporation of new Series A shareholders. In addition to rating upgrades, CAF maintained an important presence in international capital markets, showing a highly satisfactory financial performance.