CHAPTER 6
LOOKING AHEAD
In the coming year, the OPEC Fund will, first and foremost, continue to anchor the OFRF and its project-level toolkit as a core feature of the way it identifies, designs and imple- ments projects. The Development Effectiveness Unit will therefore continue and intensify the support and training it provides to operations teams, and will work closely with all relevant stakeholders to further enhance processes for mainstreaming development effectiveness considerations throughout all OPEC Fund activities. During 2024, the OPEC Fund will continue to pilot and test the draft aggregate OFRF indicators ahead of their public launch foreseen for 2025. The data collected through ap- plication of the Project Results Frameworks and the Evalu- ation Readiness and Strategic Alignment Checklists during 2022 and 2023 will serve as the basis for validating and updating the OFRF indicators at levels 1, 2 and 3. Updates to the list of OFRF level 2 indicators will furthermore be in- formed by the stocktaking efforts undertaken for the 2022 and 2023 Development Effectiveness Reports. 2024 and 2025 also marks the mid-term of the OPEC Fund’s Strategic Framework 2030. The mid-term review present- ed in 2023 and the strategy update planned for 2024 will inform the updates to the OFRF’s level 3 and 4 indicators to ensure that the framework reflects some of the key per- formance indicators for the OPEC Fund’s achievement of its strategic objectives. Therefore, the Development Effectiveness Unit will work closely with the Strategy Unit and other relevant stakeholders in updating and refining the OFRF indicators before their public launch in 2025.
the OPEC Fund will continue to explore approaches to fur- ther strengthen project results monitoring and evaluation. In addition to continuing its traditional role as co-financier, the OPEC Fund’s strategy takes an increasingly active ap- proach to designing and implementing projects. The insti- tution will therefore also place a heightened focus on its own evaluation of results. During 2024, the OPEC Fund will lay the analytical groundwork for decisions on how to best go about project evaluation in terms of not only the conceptual framework, but also in terms of organization- al setup and resource requirements, so that the approach it embarks on makes sense given the OPEC Fund’s size, structure and mandate. The OPEC Fund’s strategic objective is to maximize de- velopment impact. The insights generated by focusing on development effectiveness are crucial, especially as they illuminate the extent to which the OPEC Fund advances toward this goal. This knowledge allows the OPEC Fund to not only be accountable to its stakeholders but also to apply the lens of development effectiveness to all its decision-making. Significant work has been undertaken to enhance the OPEC Fund’s ability to do so, and much more is yet to come. In addition to showcasing some of the important results achieved by the OPEC Fund’s sup- port to its partner countries and clients, this Development Effectiveness Report highlights some of the progress made in its setup for development effectiveness thus far. The OPEC Fund will continue to work on ensuring that future iterations of this annual report will build on an increasing- ly rich and strong foundation of quantitative and qualita- tive information, for these reports to provide an ever more complete picture of the development impact the OPEC Fund is mandated to maximize.
To close the feedback loop for lessons learned as well as for reporting on development results and effectiveness,
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