CHAPTER 5
OFRF AGGREGATE INDICATORS
OFRF LEVEL 2: The results data collection for the first three Development Effectiveness Reports as well as a review of all Project Results Frameworks of new projects have shown that most indicators at this level are a good representa- tion of the main OPEC Fund project results. A few of the originally proposed OFRF level 2 indicators, however, have been rarely used as initially defined, whereas some projects feature other common results indicators that were not included in the OFRF level 2 list. Moreover, only one-third of OFRF level 2 indicators featured in results data in all review periods so far, indicating considerable “data lumpi- ness”. In updating the list of indicators and their definitions, DEU will take these findings into consideration while aiming to strike a balance between keeping the number of indica- tors limited while ensuring representativeness. OFRF LEVELS 3 AND 4: Levels 3 and 4 of the OFRF should capture the main corporate-level performance metrics which show how the OPEC Fund is set up for and oriented toward achieving its mission. Since the approval of the OFRF in 2022, the OPEC Fund has continued to further refine and define its strategic and operational priorities. To be useful and meaningful as a corporate performance management and information tool, the update of levels 3 and 4 of the OFRF will be directly informed by the defi- nition of key performance indicators to measure strategy implementation. This exercise is currently underway after the recent approval of the OPEC Fund’s Midterm Review and Update of the Strategic Framework 2030, which has further sharpened the institution’s strategic objectives and operational priorities (Figures 20 and 21). Building on the lessons gathered during the testing and piloting period, the OPEC Fund will adjust the OFRF ahead of its publication to ensure a meaningful and informative set of indicators which offer a concise yet comprehensive overview of some of the main metrics of the institution.
A set of draft OFRF indicators, presented to the Governing Board in 2022, were developed based on an analysis of the OPEC Fund’s business model, past operations and bench- marking against other MDBs and DFIs. These indicators were grouped into four levels: high-level development context, development results of OPEC Fund operations, operational effectiveness and organizational efficiency. The initial approval of the OFRF in September 2022 has been followed by a phase of consistent internal application of the OFRF to projects, testing, increasing data collection and targeted data analysis ahead of the public launch of the indicator set in 2025. This phase has served to assess whether the originally proposed indicators are indeed the most appropriate in terms of continued relevance to the OPEC Fund’s evolving strategy, representativeness, reporting feasibility and data availability. OFRF LEVEL 1: The systematic application of the SAC to projects has revealed that numerous originally proposed OFRF level 1 indicators are not among those SDG indica- tors that OPEC Fund projects most frequently contribute to and that certain development challenges supported by OPEC Fund projects lack corresponding SDG indicators. Based on these lessons, DEU is reviewing and adjusting the OFRF level 1 indicators, so that they reflect the develop- ment areas the OPEC Fund most actively addresses, while benchmarking against statistics used by other MDBs and exploring broader development data sources with suffi- cient data availability and quality.
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