The CAF was founded 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 government of Bolivia would join later in 1967. In 1967, a Joint Commission, set up to address regional issues, mapped out the basic principles of CAF, and on February 7, 1968 the member countries governments signed its Establishing Agreement in San Carlos Palace, Bogotá.