This year yielded a generous recovery for Latin America’s economies. The dynamic performance of the world economy, the favorable conditions of commodity markets and trade in general, as well as the return of private capital flows contributed to an excellent environment for the region to reach the highest growth rate over the last 25 years, within a framework of internal and external macroeconomic stability. Given these favorable conditions, during the year CAF approved a record amount of operations, introduced products and services, and continued to promote a renewed development agenda. A central pillar of this agenda is the attainment of sustained high and good quality growth –efficient, employment generating and inclusive- which is essential for improving the living conditions of the poor. At the same time, CAF has continued playing an important role stimulating the region’s integration and its insertion in the world economy. In 2004, CAF approved over $ 3,500 million in operations for both the public and private sectors, especially in infrastructure and social development projects.