ILAP (The Latin American Institute of Psychoanalysis) is a relatively recent project of the IPA and FEPAL (The Latin American Psychoanalytical Federation). Its formal origin, marked by the signature of a memorandum recording an agreement between the presidents of both institutions, Claudio Eizirik and Alvaro Rey de Castro respectively, dates from January 2006, but the governing body of ILAP was formed in December of the same year. Given this, we might say that as of December 2008 ILAP had effectively existed for two years. This is a short and very intense period and for that reason the time for general assessment, conclusions, and suggestions for change has not yet come. We shall simply give a critical history of the project, its antecedents, what it has realized, and the difficulties and limitations encountered hitherto, as well as sketch future perspectives.