CHAPTER 2
THE OPEC FUND AND THE
SUSTAINABLE
DEVELOPMENT GOALS
The OPEC Fund is committed to contributing to the achieve- ment of the Sustainable Development Goals (SDGs). For this edition of the annual Development Effectiveness Report, the OPEC Fund conducted a review of all operations approved from July 2022 to June 2023 2 to assess delivery on this com- mitment. The mid-2023 cutoff was chosen to analyze one full year of approvals since last year’s report. The review found that all OPEC Fund-approved projects in that period contribute to at least one SDG, with a majority (60 percent) supporting two or more goals. On average, each approved project is expected to contribute to 2.7 SDGs, with one pro- ject benefitting 10 SDGs 3 ( Figure 1 ).
Overall, OPEC Fund operations approved during the analysis period contribute to all SDGs (Figure 2) .
Figure 2: SDGs contributed to by OPEC Fund operations approved July 2022 to June 2023
Figure 1: Number of SDGs supported per project approved from mid-2022 to mid-2023
Nr. of SDGs per project
10
1
8
1
7
1
4
2
6
3
5
3
3
4
2 All 43 loan projects approved from July 2022 to June 2023 were assessed for SDG alignment. To do so, each project’s objective, description and targets/ex- pected development outputs and outcomes were mapped and the applicable SDGs to which the project is expected to contribute were identified. To qualify for alignment, a project needed to either plausibly contribute to a specific SDG indicator and/or target. 3 The one project supporting 10 SDGs is a policy-based loan project to Armenia which supported green inclusive and sustainable development. It is expected to contribute to SDGs 1, 3, 4, 7, 10, 11, 12, 13, 16 and 17. 4 In addition to the projects approved individually, the OPEC Fund also issued US$802 million in numerous short-term trade finance guarantees under risk-shar- ing facilities during the period. This guarantee program, while not included in the analysis, is also thought to contribute to SDG 8 by fostering economic growth through trade.
2
11
1
17
Nr. of projects
14
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