INTRODUCTION
June 2024, with a total volume of US$867 million in OPEC Fund commitments. These projects delivered significant development results such as facilitating US$553 million in trade, supporting 75,868 farmers, training 37,914 people,
At the aggregate level, the OFRF indicators will consist of key meas- ures which show the OPEC Fund’s development context, its project results, its operational effec- tiveness and its organizational efficiency. Ongoing testing and
92 MW of renewable energy capacity installed
providing 300,000 households with new or improved energy connections and improving water access for 3,040 households. The operations also contributed to improving 269,910 hectares of land, empowering 34,678 women, financing 1,249 MSMEs, installing or refurbishing 180 MW of energy capacity (92 MW of which renewable), building or rehabilitating 505 km of roads and reducing CO 2 emissions by 73,344 tons annually. Most of these results were achieved in Africa, followed by Latin America and the Caribbean. While aggregate numbers help demonstrate the scale of impact, they nevertheless provide an incomplete picture in and of themselves. To further illustrate where the results came from, the report presents several case studies of projects completed or having reached EOM during the review period. These include projects that are reducing poverty and strengthening food security in Burundi, enhancing value chains in Lesotho, funding infrastructure across Latin America and providing access to water in Guinea. In September 2022, the OPEC Fund Governing Board approved the OPEC Fund Results Framework (OFRF) which includes a project-level toolkit and draft aggregate indicators to track performance, inform lending decisions and support reporting on results. The toolkit consists of the Evaluation Readiness Checklist (ERC), the Project Results Framework (PRF) and the Strategic Alignment Checklist (SAC), which have been applied to each OPEC Fund opera- tion to document and enhance impact subsequently.
piloting of a set of draft indicators as well as data compiled through the project-level toolkit and the annual reviews for the Development Effectiveness Reports have generated important insights. These lessons inform ongoing revisions to ensure that the indicators to be featured in the OFRF will align with the OPEC Fund’s strategy and reflect the most relevant aspects of the OPEC Fund’s work and mission. Going forward, the OPEC Fund will further refine and develop the OFRF so that it continues to guide the insti- tution toward its strategic objective of maximizing devel- opment impact. Apart from publicly launching the key OFRF indicators and integrating the ERC and SAC tools into online systems, the Development Effectiveness Unit (DEU) will continue to support project teams, vali- date project quality at entry and enhance staff capacity through training. The OPEC Fund is also in the process of strengthening monitoring and evaluation to close the loop in assessing development effectiveness throughout the project lifecycle. The OPEC Fund’s enhanced focus on development effectiveness provides valuable insights that help track progress toward its goal of maximizing devel- opment impact, ensuring accountability to stakeholders and integrating development effectiveness into deci- sion-making processes. The implementation of the OFRF also generates increasingly rich quantitative and qualita- tive data on development effectiveness which will help the OPEC Fund to continue to share progress made toward achieving our strategic objective of maximizing develop- ment in future editions of this report.
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