This document summarizes the financial requirements of the 2005 research programs and their financing as projected by the CGIAR Centers. It is organized into four sections as follows: 1. Section I summarizes the aggregate proposal in terms of the investment level and how it is projected to be financed. 2. Section II outlines the financial decision-making cycle followed in the 2005 program review and approval. 3. Section III discusses the highlights of the investment and financing proposals. 4. Section IV discusses the investment proposals from various dimensions. In addition, there is an attachment to this document which summarizes the financial and program highlights, as well as project cost tables, of each of the 15 Centers and three Challenge Programs covering the 2005-2007 Medium- Term Plan period. This document was discussed during the CGIAR business meeting during AGM 2004.