5 THE OPEC FUND’S Figure 16: OPEC Fund Results Framework structure Global/Regional Development Progress Results of OPEC Fund Operations Operational Effectiveness of the OPEC Fund LEVEL 1 LEVEL 2 LEVEL 3
EFFECTIVENESS DEVELOPMENT APPROACH
The Strategic Framework 2030 stresses the central impor- tance of development impact to the OPEC Fund’s mission. The Fund has reinforced its practices by creating a dedicated Development Effectiveness function in 2020, 16 which is sep- arate from the OPEC Fund’s operational departments and provides leadership, guidance and oversight on all matters concerning development effectiveness. The Development Effectiveness function has since developed and started to apply a comprehensive results framework and accompany- ing toolkit to anchor and guide its approach to assessing and tracking development impact. Approved by the Governing Board in September 2022, the OPEC Fund Results Framework (OFRF) is based on a com- prehensive analysis of the Fund’s strategy and activities, as well as a comparison of the results frameworks of peer mul- tilateral development institutions. The OFRF will track key OPEC Fund indicators across four levels (Figure 16) . Level 1 of the results framework includes high-level indicators of the SDGs to which OPEC Fund projects and programs are expected to plausibly contribute in light of the operational focus. Level 2 of the OFRF presents some of the main aggre- gate development results of OPEC Fund-supported projects. Level 3 indicators measure how well the OPEC Fund deploys its resources and manages its projects, and level 4 indicators track how efficiently the OPEC Fund conducts its business. The OPEC Fund will test the draft OFRF indicators and col- lect relevant data over an initial two-year trial period. The full launch of the OFRF is expected for 2025.
LEVEL 4
Organizational Efficiency of the OPEC Fund
The results framework provides not only a structure to re- port on core OPEC Fund indicators, but is also accompa- nied by enhanced processes and instruments that will allow the OPEC Fund to generate and document OFRF data. This is particularly the case for the indicators of OFRF levels 2 and 3 over time, for which the OPEC Fund has rolled out a project-level OFRF toolkit consisting of an enhanced project results framework, an evaluation readiness checklist and a strategic alignment checklist (Figure 17) .
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