OUR STRATEGY — PROGRESS REPORT
Established by the member countries of OPEC in 1976, the OPEC Fund for International Development (OPEC Fund) is a multilateral development institution dedicated to de- livering socio-economic impact to low and middle income countries.
Responding to unprecedented demand for long-term financing for sustainable development, the OPEC Fund in 2019 launched its Strategic Framework 2030. The pro- gram’s goal is to respond to partner countries’ and clients’ development needs, which will help achieve the objective of transformational growth. It prepares the Fund to in- crease its activities, raise its profile and deepen its impact in addressing some of the most urgent challenges on the global development agenda. In order to achieve the Fund’s strategic goal, the framework builds on the institution’s strong foundations such as sound financials, a pioneering role in South-South cooperation and almost five decades of development expertise, and prepares the Fund for the challenges ahead.
The strategy consists of three phases:
– Phase I (2019-21): Enhancing operational and financial capacity.
– Phase II (2022-24): Embarking on transformational growth.
– Phase III (2025-30): Becoming a premier multilateral development lender.
Phase I has now been completed according to schedule. Nineteen workstreams reviewed the Fund’s organizational structure, governance and effectiveness, developed detailed recommendations and laid the foundation for their imple- mentation. Last year’s milestones included:
– The OPEC Fund approved an ESG policy and framework, which will guide future lending operations, expand the Fund’s offering to clients and allow for an increase in its activities. The ESG framework addresses core challenges that the Fund’s clients face and positions the institution as a key player in finding pioneering solutions. The ESG policy ensures that the Fund’s lending activities comply with the standards of leading multilateral development banks.
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