2014 was a year of change for Latin America’s economic conditions, in an environment of moderate global growth and a slowdown in emerging economies. Lower demand for commodities and the end of conditions of abundant and cheap credit have generated a significant impact on the decline in our region’s growth. In this global context, Latin America must undertake a process of structural reforms that will ensure higher, quality and sustainable growth in the long term. If Latin America wants to maintain and deepen the progress of the last decade toward reducing poverty and strengthening the middle class, the region must expand its growth potential. In this regard, the region needs to implement policies that increase productivity and competitiveness, in order to bolster the performance of various sectors, enabling an evolution from a model of comparative advantages to one of competitive advantages. In summary, in a less favorable external environment, Latin America needs to innovate, in particular, improve productivity, close the infrastructure gap, increase the quality of education and invest more and better in R&D. In order to support the region’s countries along this path, CAF is promoting a comprehensive agenda, with a long-term vision, to accompany countries in their development strategies from a social, economic and environmental perspective. In 2014, CAF approved USD 11.7 billion in development projects for the region, raising the figure of approvals over the last five years (2010-2014) to USD 53.7 billion. For another year running, CAF’s management deployed flexibility, financial strength, sector support and expertise to address the needs of its shareholder countries and was able to proactively respond with solutions aligned with their national development plans.