Sierra Leone has signed a US$10 million financing agreement aimed at increasing its subscribed share capital in the Shelter Afrique Development Bank, as the country seeks to strengthen its participation in regional housing and infrastructure financing initiatives.
The agreement was signed by Sheku Ahmed Fantamadi Bangura and Abdullah KH Almusaibeeh during the 2026 Annual Meetings of the Islamic Development Bank Group in Baku.
Minister Bangura is leading Sierra Leone’s delegation to the four-day gathering, which is being held under the theme “Regional Integration for Sustainable Prosperity.” The event has brought together finance ministers, development experts, investors, and senior officials from the IsDB’s 57 member countries to discuss economic cooperation and sustainable development.
The financing agreement was concluded with the Arab Bank for Economic Development in Africa, which is supporting Sierra Leone’s effort to increase its stake in Shelter Afrique Development Bank, a pan-African institution focused on financing housing, urban development, and related infrastructure projects across the continent.
During bilateral discussions, BADEA President Almusaibeeh also disclosed plans to expand the bank’s support to Sierra Leone, including greater engagement with the private sector and the provision of trade credit facilities.
He further confirmed that BADEA’s Board has approved funding for the expansion of the Bumbuna Hydroelectric Project, a major energy initiative being co-financed by the OPEC Fund for International Development.
According to BADEA, half of a US$60 million trade credit facility, amounting to US$30 million, has already been disbursed to support the importation of rice and other essential food commodities. The facility is intended to help maintain food supplies and stabilize prices in the country.
On the sidelines of the meetings, Minister Bangura also held talks with officials of the Kuwait Fund for Arab Economic Development, where he provided updates on ongoing projects supported by the fund.
The Finance Minister reported that the Hill-Side Bypass Road project has been completed, while several health and water-sector projects remain under implementation. He also highlighted government plans to establish a national Cancer and Radiotherapy Centre, describing it as a key healthcare priority of President Julius Maada Bio.
KFAED officials reaffirmed their commitment to supporting Sierra Leone’s development agenda, describing the country as an important partner and pledging continued collaboration on strategic infrastructure and social sector projects.
Sierra Leone’s delegation to the IsDB Annual Meetings includes senior officials from the Ministry of Finance and the Bank of Sierra Leone.
