History of CAF XX The aspiration to create a financial organization that encourage and foster the integration of the Andean region was always present in the minds of the pioneers of this process. The initiative would lead to the Andean Development Corporation began to take shape in 1966 following the historic signing of the Declaration of Bogot , which was attended by their makers, presidents Carlos Lleras Restrepo, Colombia, and Eduardo Frei Montalva of Chile, then president of Venezuela, Ra l Leoni, and personal representatives of the first presidents of Ecuador and Peru. The government of Bolivia would join later in 1967.The Bogota Declaration, a document considered the backbone of the CAF, the Andean Group, approved a program of immediate action for the Andean countries and Chile, which looked at measures of economic integration and policy coordination in the participating countries in commercial, industrial, financial and technical cooperation services. A Joint Commission was appointed to serve these functions and proposed the creation of a Development Corporation. Start of Operations During 1967, the Joint Commission clearly outlined the bases of the CAF. On 7 February 1968 the governments of member countries signed in the Palace of San Carlos in Bogota, its Charter, by conceiving the body as a multiple bank and agency for promoting development and the Andean integration. Two years later, on 8 June 1970, CAF began its operations formally, basing its headquarters in Caracas, Venezuela.Please note the importance of the futuristic vision that had the drafters of the Convention, because this has enabled the Corporation to act with the flexibility to adapt to the changes generated in the regional and global environment, and continually align with internal management growing their businesses. The Cartagena Agreement, approved in May 1969 – a year after the Agreement Establishing the CAF – provided the political framework of the Andean subregional group and proposed the adoption of a standard set of economic, social and trade between countries that had characteristics and sought to obtain similar benefits in the regional integration scheme of the time (LAFTA), were generally reserved for larger nations.For this purpose, incorporated instruments relating to the adoption of common strategies for industrial development, energy, agriculture, and research and technology transfer, capital investment, construction of physical infrastructure and human trafficking, among others. The First Draft CAF CAF began operations with a paid capital of USD 25 million, payable in five years, and an authorized capital of USD 100 million. On 30 June 2002, the latter amounts to USD 5,000 million, of which were subscribed to USD 2.279 million. Something similar happened in regard to increasing their operations to countries for stockholders: In its first eleven and a half years of existence (from 8/06/70 to 31/12/81), CAF approved transactions whose value total was 619 million, giving an annual average of USD 52 million. Only in the last five years (1995-1999), total approvals was USD 12.325 million.Ecuadorfueron Bolivia and the first two countries that in 1971, received loans from CAF for the implementation of projects concerning the installation of a storage network of rice (USD 1.3 million) and construction of a fish to catch and freezing of tropical tuna (USD 0.5 million). However, the first loan it has completed the integration of the Corporation vocation was held a year later and given a Venezuelan project (USD 3 million). chosen to receive the College of Arts and Science Distinguished Service Award in May 2009 is