With the completion of the first election of regional governors in 2021, a set of pro-decentralization reforms initiated in the early 1990s, which were expected to strengthen regional democracy, comes to an end. It is argued that this objective is unfinished, given that this set of reforms emphasized the administrative dimension of decentralization, with incomplete political reforms and little involvement of territorial actors. As a consequence, and as a result of the trajectory of the decentralization process, an elitist regional governance with a centralist institutional component still predominates, with many difficulties for regional governments to promote democratic governance. Despite this trajectory, and given the current political context, the article concludes that there is a favorable scenario for the strengthening of decentralization and the configuration of regional democratic governance.