CHAPTER 4
OPEC FUND
RESULTS PROJECT
As in previous years, the OPEC Fund has undertaken a comprehensive stocktaking of the documented results of all recently completed projects. 27 This year’s review focused on the 16 non-trade and 15 trade finance projects completed or having reached Early Operating Maturity (EOM) between July 2023 and June 2024. 28 The total committed under these operations amounted to US$867 million. For more details on this year’s reviewed non-trade projects, see figures next page. CHARACTERISTICS OF THE PORTFOLIO OF COMPLETED/MATURED PROJECTS REVIEWED A total of 16 non-trade operations (eight public and eight private sector) reached completion/EOM between July 2023 and June 2024. More than half of the analyzed non-trade operations were in Africa, followed by Latin America and the Caribbean (Figure 14) . Banking and finan- cial services, followed by transport, were the top two sectors among the recently completed/matured projects. Given the limited number of operations, not all sectors and regions the OPEC Fund is active in were covered in this year’s review. During the analysis period, no health and education projects were completed, for example.
Most projects implemented in Africa (62 percent) were driven by public sector operations. Seven of the eight completed public sector projects benefited African partner countries. On the private sector side, the distribution across regions is more even, with three projects in Latin America and the Caribbean, three projects in Africa and two projects in Asia (Figure 15).
Public sector projects covered a variety of sectors, led by transport. Private sector projects mainly provided support through financial intermediaries (Figure 16).
Eleven (three private sector, eight public sector) of the 16 non-trade projects were co-financed with other devel- opment finance institutions. When co-financing with others, the OPEC Fund’s share in the financing package provided to governments or private sector clients ranged from 2 percent (in a very large public sector project) to 38 percent, with a median financing share of 17 percent and an average of 19 percent. The 15 trade finance operations having reached EOM during the review period mostly facilitated exports from and imports to Africa (77 percent of the committed amount), followed by Asia (18 percent) and Latin American and the Caribbean (5 percent). A bit less than half (46 percent) of the trade finance amount was committed for sovereign borrowers.
27 For the private sector, the concept of Early Operating Maturity (EOM) is utilized instead of completion, as EOM determines the timing of project eval- uation for private sector projects. As defined by the Evaluation Cooperation Group’s Good Practice Standards (ECG-GPS), EOM for real sector projects happens after about 18 months of operations, for financial sector projects after 2 years following the last material disbursement and 3 years after the last mate- rial disbursement for corporate projects. More details in Annex 2 of https:// www.ecgnet.org/sites/default/files/GPS4%20-%20ECG%20FINAL%20-%20 08Nov11.pdf. 28 During that period, 8 public sector operations, 8 private sector opera- tions and 15 sovereign and non-sovereign trade finance operations reached completion/EOM. For details on methodology see Annex III.
52
Powered by FlippingBook