The creation of CAF began to take place in 1966 following the historic signing of the Declaration of Bogotá in the presence of its framers, President Carlos Lleras Restrepo of Colombia, President Eduardo Frei Montalva of Chile, President Raúl Leoni of Venezuela, and the personal representatives of the presidents of Ecuador and Peru.
The Corporación Andina de Fomento has awarded a grant to RSMAS to conduct a feasibility study for a new experimental water tunnel facility located in Panama.