INTRODUCTION
MESSAGE FROM THE PRESIDENT
On behalf of the OPEC Fund for International Development I am proud to present our latest Development Effectiveness Report. Here we examine the development impact of our projects worldwide in delivering our vision to make “sus- tainable development a reality for all.” This latest review of our work shows encouraging progress, which serves as a powerful incentive to continue our chosen path and further refine our delivery. The OPEC Fund has been making development happen for almost 50 years. As our total volume of financing ap- proaches US$30 billion across more than 125 countries, we have contributed substantially to alleviating poverty, building sustainable infrastructure and taking climate ac- tion. We are supporting key sectors with bespoke financing solutions that address the particular needs of our partners. But we are not just providing financing. The OPEC Fund also aims, as one of its strategic goals, to maximize devel- opment impact. When I have the opportunity to visit our projects, I can see the smile on the face of a young girl in school for the first time thanks to a project we supported; I speak to entrepreneurs who are building up their business- es with the help of OPEC Fund loans; or I listen to small- holder farmers who now have access to markets thanks to roads that we helped finance. These are the moments that count — and our new Develop- ment Effectiveness Report makes them count by matching hard numbers with the outcomes of our work. In doing so it makes an important contribution to our goal of continual
learning and improvement. It also enhances the transpar- ency and accountability of the OPEC Fund’s work vis-à-vis our member and partner countries.
Covering a wide range of activities, our report examines 45 OPEC Fund projects approved and 31 projects completed from July 2023 to June 2024. In terms of alignment with the Sustainable Development Goals (SDGs), the review concludes that all projects are expected to contribute to at least one SDG, while over 90 percent support two or more goals. That the largest share of our projects feeds into SDG 8 – Decent Work and Economic Growth is testament to the im- portance of economic development. Robust yet sustainable economic growth is what lifts people out of poverty, creates jobs, feeds families, generates savings and creates oppor- tunities. The frontrunner was followed by SDG 9 – Industry, Innovation and Infrastructure and SDG 13 – Climate Action, for which our financing included policy-based loans in Para- guay and the Seychelles. With the global economy at a crossroads, international soli- darity is more important than ever — and multilateral devel- opment banks like the OPEC Fund have a key role to play. The review of OPEC Fund projects that reached completion or early operational maturity during the reporting period shows impressive results. To mention just a few, our pro- jects provided 300,000 households with new or improved energy connections, financed 1,250 small businesses and empowered 35,000 women throughout the Global South.
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