In 2012, projects totaling USD 9.3 billion were approved for Latin America, with USD 50 billion authorized over the past five years. A greater diversity of countries and strategic sectors was achieved as well, with more emphasis on infrastructure and social development. Trinidad and Tobago was incorporated as a full CAF member. Mexico, meanwhile, increased its participation as a Series C shareholder. CAF’s member countries subscribed capital increase agreements by USD 2.3 billion (approved by the Board of Directors at the end of 2011). The total increase in paid-in capital approved in the last five years reached USD 6.3 billion. This will allow CAF to double its operations during the 2012-2017 period. Moody’s Investors Service and Standard & Poor’s upgraded CAF’s credit ratings: Moody’s announced an upgrade from A1 to Aa3, while Standard & Poor’s improved the long-term debt risk rating from A+ to AA- and the short-term rating from A-1 to A-1+. CAF issued 12 bonds in capital markets in six currencies for a total of USD 2.7 billion, a new record for the Institution. The United Nations General Assembly approved CAF’s Observer Status, as a Latin American regional development bank.