Research projects in cooperation between Spanish National Research Council and Latin-American Organizations, that have been developed in the last eight years, were studied. Around forty Spanish research institutes have cooperated with Latin-American ones, mostly with Cuba, Chile, Brazil and Mexico. The interpretation of the collaboration rates with the different countries is discussed. Duration of the projects, number of researchers and research output were examined. The cooperation results were quantified through articles, presentations to congresses, reports, monographs, patents and thesis. Diffusion, languages and impact of the journals used for publication were studied. Non quantifiable outputs were also examined.