01 | THE HIGHLIGHTS – STRATEGIC FRAMEWORK 2030 UPDATE
STRATEGIC FRAMEWORK 2030 UPDATE
The OPEC Fund for International Development made significant progress last year in the implementation of its Strategic Framework 2030 (SF 2030).
development institution with sound financial fundamen- tals and a wide-reaching vision was demonstrated at the beginning of the year with the successful launch of our inaugural benchmark bond. In December, the OPEC Fund was assigned a credit rating upgrade to “AA+” by S&P Global Ratings. Another important aim of the OPEC Fund’s transfor- mation under the SF 2030 is to enhance its alignment and engagement with the community of multilater- al development banks, while also raising its profile. Stronger and more effective partnerships are key to successful delivery and the OPEC Fund has taken steps to increase cooperation, co-financing opportunities and knowledge transfer. Increased visibility through the OPEC Fund Development Forum and more active participation in global events such as the UN Sustain- able Development Goals Summit in New York and the UN Climate Change Conference (COP28) in Dubai were important contributions to this effort. In order to consolidate the successes of the SF 2030’s implementation and to ensure the fulfilment of its long-term goals, the OPEC Fund has embarked on a mid-term review and update of the strategy for its final phase covering the 2025-2030 period. The update to the SF 2030 will aim to build on implementation pro- gress and reflect external and internal developments since its initial approval in 2019, sharpening the OPEC Fund’s focus and capabilities to deliver on its mandate.
Approved in 2019, the strategy focuses on delivering enhanced support and financing to partner countries as well as bolstering the OPEC Fund’s profile and impact. SF 2030 comprises three stages: Phase 1 – Enhancing operational and financial capacity; Phase 2 – Transforma- tional growth; and Phase 3 – Becoming a larger and ever more relevant multilateral development bank (MDB). As demonstrated by the rise in business activity in 2023, the OPEC Fund has successfully increased support to partner countries worldwide. We have made particular- ly good progress in the delivery of the action plans on climate and food security, which continue to drive our support across these two thematic areas of operations. At the same time, the OPEC Fund successfully lever- aged its convening power, for instance in the framework of the Arab Coordination Group (ACG), which unveiled a US$10 billion energy transition initiative in December. Underlining its strong commitment to Africa the OPEC Fund also facilitated a US$50 billion pledge by the ACG to the continent in support of energy security and tran- sition, regional integration, connectivity and trade.
The OPEC Fund’s increased recognition as a growing
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