INTRODUCTION
The OPEC Fund’s main strategic objective is to
MAXIMIZE DEVELOPMENT IMPACT.
and 15 trade finance operations, which had either been complet- ed or reached early operating maturity (EOM) between July 2022 and June 2023. These projects delivered major devel- opment benefits: 15.7 million
project-level toolkit as well as a corporate results framework with indicators across four levels. The use of this OFRF project-level toolkit, which en- hances the documentation of development results and stra-
1,077 MW of renewable energy capacity were installed
people gained improved access to healthcare, 346,620 farmers received support, 127,939 students benefited from education projects, US$341 million was facilitated in trade, and 1,077 MW of renewable energy capacity was installed. While aggregate numbers help us understand the scale of impact, they nevertheless provide an incomplete picture. To contextualize the results, our report presents several case studies of projects that had either been completed or reached EOM during the review period. These include an urban infrastructure improvement project in Nepal which augmented storm drains, sewerage systems and roads, as well as the upgrade of two Ugandan hospitals to regional referral hospitals which significantly improved access to a broader range of healthcare services for 3.9 million people. Another example is the provision of a loan to a Honduran financial intermediary which has contributed to the borrower significantly expanding its lending activities to small and medium-sized enterprises (SMEs). In 2023, the OPEC Fund prioritized the implementation of the OPEC Fund Results Framework (OFRF). Approved in 2022, the OFRF provides a structured approach to track- ing and communicating development results, as well as to integrating development effectiveness considerations into strategic and investment decisions. It consists of a
tegic alignment of OPEC Fund operations, became man- datory in early 2023. The Development Effectiveness Unit (DEU) collaborated closely with project teams to ensure the toolkit’s consistent application, providing input, feed- back, validation and training. The OPEC Fund also continued to test and pilot the ag- gregate OFRF indicators and their data availability and quality. The lessons learned on data collection since 2022 as well as the upcoming update of the OPEC Fund’s strat- egy will serve as the basis for refining the OFRF indicators ahead of their public launch, which is planned for 2025. The OPEC Fund’s main strategic objective is to maximize development impact. The insights generated by focusing on development effectiveness are crucial, especially since they illuminate the extent to which the OPEC Fund advanc- es toward this goal. This knowledge allows the OPEC Fund to be accountable to its stakeholders and to apply the lens of development effectiveness to all its decision-making. This Development Effectiveness Report highlights some of the progress made, with much more yet to come. Future issues of our annual Development Effectiveness Report will provide an ever more complete picture of how the OPEC Fund is maximizing development impact, in line with its mandate.
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