CHAPTER 4
OPEC FUND
RESULTS PROJECT
CHARACTERISTICS OF THE PORTFOLIO OF COMPLETED/MATURED PROJECTS REVIEWED A total of 23 operations (15 public, 8 private sector) reached completion/EOM between July 2022 and June 2023. More than half of the analyzed non-trade operations were in Africa, followed by Asia (Figure 8) . Banking and financial services, transport and energy were the top three sectors among the recently completed/matured projects. Given the limited number of operations, not all sectors and regions the OPEC Fund is active in were covered in this year’s review. During the analysis projects, no projects in Europe, educa- tion nor water and sanitation were completed. Similar to last year’s analysis, a majority (57 percent) of pro- jects were implemented in Africa. This large share is driven by public sector operations, 77 percent of which (10 of 13 projects) benefited African partner countries. On the private sector side, most reviewed projects were located in Africa and in Asia (Figure 9) . The one global project reaching EOM consisted of a loan to an agricultural commodity trading and supply chain management company mostly active in African countries. It was classified as global due to a few activities in Asia and Latin America. Public sector projects covered a variety of sectors, with the top two sectors being transport and energy. Private sector projects predominantly provided support through financial intermediaries (Figure 10) . Reflecting the OPEC Fund’s approach of collaborating for im- pact, 16 (4 private sector, 12 public sector) of the reviewed 23 projects were co-financed with other development finance institutions. When co-financing with others, the OPEC Fund’s share in the financing package provided to governments or private sector clients was 24 percent on average.
To complement the analysis of expected SDG contributions by new OPEC Fund projects (Chapter III), it is necessary to also look at actual development results of projects that have been implemented. Following up seamlessly on last year’s report, the OPEC Fund again undertook a stocktaking ef- fort of the documented results of all newly completed pro- jects. 8 This year’s review focused on the 23 non-trade and 15 trade finance projects completed or having reached Ear- ly Operations Maturity (EOM) between July 2022 and June 2023. 9 The total amounts disbursed under these operations amounted to US$1.34 billion. For detail on the characteristics of this year’s reviewed projects (see on the right).
8 For the private sector, the concept of EOM is utilized instead of completion, as EOM determines the timing of project evaluation for private sector projects. As defined by the Evaluation Cooperation Group’s Good Practice Standards (ECG-GPS), EOM for real sector projects happens after about 18 months of operations, for financial sector projects after 2 years following the last material disbursement, and 3 years after the last material disbursement for corporate pro- jects. More details in Annex 2 of https://www.ecgnet.org/sites/de- fault/files/GPS4%20-%20ECG%20FINAL%20-%2008Nov11.pdf. 9 During that period, 15 public sector operations, 8 private sector op- erations and 15 public and private trade finance operations reached completion/EOM. For details on methodology see Annex III.
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