July 3, 2025: The OPEC Fund for International Development (OPEC Fund) and Sierra Leone have signed a Country Partnership Strategy, which earmarks US$250 million for investments in the West African country until 2030.
OPEC Fund President Abdulhamid Alkhalifa praised the accord at the signing with the Minister of Finance of Sierra Leone, Sheku A.F. Bangura, on Wednesday as โan important step to reaffirm our commitment and deepen our cooperation.โ
The new country strategy is a direct result of a 2024 roundtable hosted by the OPEC Fund in Vienna to raise awareness of the development challenges Sierra Leone is facing.
President Julius Maada Bio, who chaired the event, secured a total of US$800 million in pledges from various development finance institutions, multilateral development banks and the Arab Coordination Group.
The OPEC Fund signed its first loan with Sierra Leone in 1976 and, to date, has approved more than US$230 million for public sector projects in infrastructure, energy, water & sanitation and other sectors.
The most recent is a water, sanitation and hygiene (WASH) program for Western Area/Freetown, the most densely populated region in the country of 8.6 million inhabitants.
OPEC Fund President Alkhalifa said:
โThe partnership between the OPEC Fund and Sierra Leone is about much more than financing. It is a commitment to progress: in roads that connect people, in energy projects that empower communities and in clean water systems that sustain life itself.โ
Drawing on the roundtableโs conclusions, the new OPEC Fund strategy focuses on two pressing concerns faced by Sierra Leoneโs 8.5 million inhabitants: food insecurity and malnutrition. A significant portion of households spend the majority of their income on food. Climate change impacts, poverty, and reliance on imports exacerbate the fragile situation.
Minister of Finance Bangura said: “This agreement marks a significant milestone in Sierra Leoneโs sustainable development journey. By leveraging the OPEC Fundโs funding support, Sierra Leone is not only enhancing its visibility among international partners but accessing affordable capital to take charge of our development while welcoming credible partners to join in. I am delighted to have signed this accord on behalf of His Excellency President Bio.โ
In addition, Sierra Leone is also experiencing a net deficit of power and is in urgent need of new power sources. As one of the 20 countries in the world that are most vulnerable to the adverse consequences of climate change, Sierra Leone is actively driving the green transition. The country is also part of the โMission 300โ energy initiative supporting access to electricity for hundreds of millions of people in Sub-Saharan Africa to which the OPEC Fund has pledged up to US$2 billion.
About the OPEC Fund
The OPEC Fund for International Development (the OPEC Fund) is the only globally mandated development institution that provides financing from member countries to non-member countries exclusively. The organization works in cooperation with developing country partners and the international development community to stimulate economic growth and social progress in low- and middle-income countries around the world. The OPEC Fund was established in 1976 with a distinct purpose: to drive development, strengthen communities and empower people. Our work is people-centered, focusing on financing projects that meet essential needs, such as food, energy, infrastructure, employment (particularly relating to MSMEs), clean water and sanitation, healthcare and education. To date, the OPEC Fund has committed more than US$29 billion to development projects in over 125 countries with an estimated total project cost of more than US$200 billion. The OPEC Fund is rated AA+/Outlook Stable by Fitch and S&P Global Ratings. Our vision is a world where sustainable development is a reality for all.
