Though facing a complex global context and adverse circumstances for Latin America –most notably, the substantial reduction in external capital flows CAF once again played a key counter-cyclical and catalytic role, by ratifying its position as the principal source of financing for the Andean countries, while maintaining a significant presence in its remaining member countries. This was made possible thanks to the continued increments of capital contributions from shareholder countries, and competitive access to international financial markets. The Institution played a very significant role in the improvement of physical capital, particularly in infrastructure; the development of human capital, through a novel social and cultural agenda; the safeguarding of nature's capital, by entering into important environmental agreements; the strengthening of financial capital, by promoting capital markets; and the enhancement of institutional capital, by fostering efficiency and transparency in the development process. CAF reinforced its status as the leading multilateral source of financing for the Andean countries, and as a significant promoter of regional integration, by approving operations for $3.3 billion, while strengthening its catalytic and anti-cyclical support for the region in an especially difficult year.