Faced with the loss of economic dynamism in Latin America in 2015, CAF took actions to step up its anti-cyclical role with fast-disbursing and contingent operations for USD 2.4 billion, having more than year. This level of operations confirms the institution as one of the main sources of multilateral financing in the region, especially in infrastructure. CAF also made encouraging progress in the generation and dissemination of knowledge, an area that has gained an increasingly important position in Latin America. In this way, the institution adds value to financial management and enhances its integral role as a development bank by providing knowledge services and strengthening a regional platform for pragmatic debate on public policies on development and integration. By deepening its international relations, we have become a link between Latin America and the rest of the world given our connection with an extensive global network of universities, think tanks and financial and development institutions. In this context, CAF plays an important role in the International Development Finance Club (IDFC), which brings together 23 national and regional development banks from around the world. The IDFC’s growing global relevance has supported CAF’s significant progress in environmental and climate change issues, especially in our goal of boosting the green economy. In 2015, international credit agencies ratified CAF’s risk ratings by confirming its solid financial position and its competitive presence in international capital markets, which granted us access to these markets with emissions in excess of USD 3 billion. In this context, CAF shareholder countries showed their commitment to CAF’s efforts by approving a general capital increase of USD 4.5 billion.