In this anniversary book, we highlight 40 projects that depict a portion of Proparco’s history. They were chosen because they have graced the pages of our annual reports, or have left a lasting mark on our organization. They bear witness to the diversification of our work over time and across regions. Our projects have evolved over the years, and so has the way we look at them. These descriptions aren’t intended to provide an assessment, but rather to use the knowledge we have of these projects’ outcomes to think about where we've been and where we want to go.