BAKU, Azerbaijan 22nd June 2026 — Sierra Leone has signed a $10 million financing agreement to increase its subscribed share capital in Shelter Afrique Development Bank, marking a significant step in strengthening the country’s role in regional housing and infrastructure financing.
Finance Minister Sheku Ahmed Fantamadi Bangura, who led Sierra Leone’s delegation to the Islamic Development Bank (IsDB) Group Annual Meetings in Baku, sealed the deal with His Excellency Abdullah KH Almusaibeeh, President of the Arab Bank for Economic Development in Africa (BADEA), during bilateral engagements on the sidelines of the summit.
The 2026 Annual Meetings, themed “Regional Integration for Sustainable Prosperity,” brought together ministers of finance, economy, planning, and investment from 57 member countries, alongside heads of international financial institutions, private sector leaders, and media representatives. The gathering aims to deepen economic cooperation and accelerate sustainable development across the Islamic world.
Shelter Afrique Development Bank (ShafDB), a Pan‑African multilateral lender, focuses on financing housing, urban development, and related infrastructure. The capital increase by Sierra Leone is expected to strengthen the institution’s ability to support affordable housing and urban growth initiatives across Africa.
BADEA’s President Almusaibeeh also confirmed that the Bank is expanding its Sierra Leone portfolio, including private sector support and trade credit. He disclosed that BADEA’s Board has approved funding for the expansion of the Bumbuna hydro dam project, co‑financed with the OPEC Fund for International Development. In addition, BADEA has already disbursed 50 percent (US$30 million) of a trade credit facility to support rice and food imports, aimed at ensuring availability and stabilizing prices in Sierra Leone.
Minister Bangura also held talks with the Kuwaiti Fund for Arab Economic Development (KFAED), updating its Operations Director on Sierra Leone’s project portfolio. He expressed gratitude for KFAED’s support, noting the completion of the Hill‑Side bypass road project and ongoing health and water initiatives. Bangura reiterated government’s priority to construct a Cancer and Radio‑therapy Centre, a flagship health project under President Bio. KFAED reaffirmed Sierra Leone’s importance as a partner and pledged continued support for national development priorities.
Sierra Leone’s delegation to the IsDB meetings includes Financial Secretary Matthew Dingie; Deputy Financial Secretary Morie Momoh; Dr. Alhassan A. Mansaray, Director of Fiscal Risk Division and Executive Director at IsDB; Dr. Franklin Sisabu Bendu, Technical Adviser; Kenneth King, Assistant Director, Multilateral Project Division; and Philip Bangura, Deputy Director of Banking Supervision at the Bank of Sierra Leone.
The financing agreement and broader engagements underscore Sierra Leone’s strategy to leverage multilateral partnerships for infrastructure, energy, and food security, while positioning itself as a proactive player in regional development finance.
