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Sierra Leone has secured a US$10 million financing agreement aimed at increasing the country’s subscribed share capital in the Shelter Afrique Development Bank (ShafDB), further strengthening its participation in regional housing and infrastructure development initiatives.
The agreement was signed by the Minister of Finance, Sheku Ahmed Fantamadi Bangura, and the President of the Arab Bank for Economic Development in Africa (BADEA), His Excellency Abdullah KH Almusaibeeh, on the sidelines of the 2026 Islamic Development Bank (IsDB) Group Annual Meetings in Baku, Azerbaijan.
Minister Bangura is leading Sierra Leone’s delegation to the annual gathering, which has brought together ministers, senior government officials, development partners, financial institutions, private sector representatives, and policymakers from the IsDB’s 57 member countries under the theme, “Regional Integration for Sustainable Prosperity.”
The financing agreement will enable Sierra Leone to increase its subscribed share capital in Shelter Afrique Development Bank, a Pan-African multilateral development finance institution dedicated to supporting housing, urban development, and related infrastructure projects across the continent.
The signing formed part of a series of bilateral engagements undertaken by the Finance Minister with key international development partners aimed at mobilizing resources and strengthening support for Sierra Leone’s development agenda.
During discussions, BADEA President Abdullah KH Almusaibeeh reaffirmed the institution’s commitment to expanding its support to Sierra Leone. He disclosed that BADEA is exploring opportunities to increase its country portfolio, including support for private sector growth and trade financing initiatives.
He also confirmed that BADEA’s Board has approved financial support for the expansion of the Bumbuna Hydroelectric Project, which is being co-financed by the OPEC Fund for International Development.
In addition, the BADEA President revealed that the institution has already disbursed 50 percent of a US$60 million trade credit facility intended to support the importation of rice and other essential food commodities, with the objective of ensuring market availability and maintaining price stability.
On the margins of the annual meetings, Minister Bangura also held discussions with officials of the Kuwaiti Fund for Arab Economic Development (KFAED), where he provided updates on the implementation of ongoing projects supported by the institution.
The Finance Minister informed KFAED that the Hillside Bypass Road Project has been successfully completed, while work continues on ongoing health and water sector projects. He further highlighted the Government’s plans to establish a National Cancer and Radiotherapy Centre, describing it as one of President Julius Maada Bio’s key healthcare priorities.
In response, KFAED officials reaffirmed Sierra Leone’s importance as a development partner and pledged continued support for the Government’s infrastructure, health, and economic development programmes.
The engagements reflects Sierra Leone’s ongoing efforts to strengthen partnerships with international financial institutions and mobilize investment to support sustainable economic growth, infrastructure development, and improved public service delivery.
