This declaration approved an immediate action program for the Andean countries and Chile, outlining measures for economic integration and the coordination of policies in trade, industry, finance, and technical cooperation services among the participating nations.

On February 7, 1968, the governments of the member countries signed the Constitutive Agreement at the San Carlos Palace in Bogotá, conceiving the entity as a multiple bank and agency for the promotion of development and Andean integration.

To this end, it incorporated instruments related to the adoption of common strategies for industrial, energy, and agricultural development, as well as research and technological transfer, capital investment, construction of physical infrastructure and human trafficking, among others.

The decision to open its share capital to other partners from Latin America and the Caribbean in the early nineties was a significant development that allowed for the expansion of both CAF's integrationist mission and its operational base beyond its then Andean borders.

Currently, in addition to four countries of the Andean Community, its shareholders include: Argentina, Barbados, Bolivia, Brazil, Chile, Colombia, Costa Rica, Ecuador, Spain, Jamaica, Mexico, Panama, Paraguay, Peru, Portugal, Dominican Republic, Trinidad and Tobago, Uruguay, Venezuela, and 13 private banks in the region.