The article presents the experience of an Interinstitutional Masters Program carried out through a partnership between UNISINOS (Universidade do Vale do Rio dos Sinos) and URI (Universidade Regional Integrada da Região das Missões e do Alto Uruguai), Campus Frederico Westphalen. After briefl y describing the context (economic, social, cultural an educational) as well as the process of planning and implementation of the program, special attention is given to the impact produced by the formative and investigative activities, as much in the region where the program was developed as within the promoting institution. In spite of some limitations, the experience confi rms the positive results already pointed out in other reports and analyses.