CHAPTER 5
2023 marked the first year of implementation of the OFRF project-level toolkit. While the enhanced Project Results Framework (PRF), the Evaluation Readiness Checklist (ERC) and the Strategic Alignment Checklist (SAC) had been launched and piloted since the last quarter of 2022, their application became mandatory for all projects as of March 2023. During 2023, the Development Effectiveness Unit (DEU) reviewed 38 projects at the preliminary approv- al, or concept stage, and 37 projects before final approval by the Governing Board. In addition, DEU staff validated 10 trade finance operations before their approval by Manage- ment under delegated authority. At the concept stage, DEU supported operations teams by providing inputs for, and feedback on, draft documents, validated the preliminary Project Results Framework and strategic alignment via the SAC, and pointed out any in- formation gaps to be filled during project preparation. As part of the DEU review, opportunities for strengthening the development impact and/or the completeness of relevant information were regularly raised and discussed with pro- ject teams and Management. Before the final approval of
projects, DEU provided further support to project teams by helping draft or edit relevant sections of the Governing Board papers, finalize Project Results Frameworks and the assessment of strategic alignment. To ensure objectivity and consistency in, the DEU review generally follows a two- step process: Typically, one DEU staff works closely with the project team leader to produce all necessary inputs and draft checklists, whereas the DEU Director (or their delegate) provide final validation and checks for quality and consistency. The application of the OFRF project-level toolkit has allowed the OPEC Fund to make significant pro- gress on enhancing its operational quality-at-entry. Reflecting the central importance of development effec- tiveness considerations in investment decisions, DEU is also an integral part of all Loan and Credit Committee meetings. Development effectiveness and strategic align- ment findings are not only voiced and discussed during these meetings, but 2023 also saw the introduction of for- mal notes which document and record these observations, to accompany and inform all investment decisions of the OPEC Fund.
In 2023 the Development Effectiveness Unit (DEU) reviewed 38 projects at the preliminary approval, or concept stage, and
37 PROJECTS before final approval by the Governing Board.
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