167 educational facilities built or upgraded
Strengthened development
OFQ : What was one of the key findings? AA: The review found that all approved projects contribute to at least one SDG, with a majority contributing to two or more. Our top two SDGs were aligned to SDG 8 – Decent Work and Economic Growth and SDG 9 – Industry, Innovation and Infrastructure. This is in line with the OPEC Fund’s strong support for economic growth and development through infrastructure (including transport, energy, water & sanitation), as well as through the financial sector, rural development and multisector projects. OFQ : The report also looks closely at the concrete results our projects delivered to improve people’s lives in our development partner countries. AA: That’s right and although we look at only a comparatively narrow period from 2018-2022 the results are impressive. For instance, in that time OPEC Fund-supported projects helped provide 240,409 households with new or improved water connections, 2.86 million households with new or improved access to electricity and supported 1.76 million farmers, among many other notable metrics.
Framework 2030 and serves the goal of making the OPEC Fund an even more helpful and financially-sustainable multilateral development bank that is relevant to the needs of partner countries. Since the launch of the Strategic Framework in 2019 we have introduced far-reaching and intertwining reforms at all levels. The development e ff ectiveness framework is one of the main pillars of this new structure we are introducing by providing full accountability to our shareholders, the market and the beneficiaries of our projects. OFQ : The most public-facing aspect of this undertaking seems to be the inaugural Development E ff ectiveness Report, which was published in June 2023. AA: That’s right. It is a flagship report, of which we are very proud. It takes stock of progress made and knowledge generated on the development e ff ectiveness of the OPEC Fund’s activities to date. At the same time, it establishes a firm foundation to build upon.
e ff ectiveness will provide a strong foundation for the OPEC Fund to grow the scale, scope and impact of its operations.
Abdulhamid Alkhalifa, OPEC Fund Director- General
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