Sierra Leone finalized a US$10 million financing agreement for an investment in Shelter Afrique Development Bank (ShafDB). This significant financial commitment, totaling US$10 million, was formally secured by the West African nation. The Minister of Finance, Sheku Ahmed Fantamadi Bangura, signed the deal, representing Sierra Leone's interests. The agreement was also signed by His Excellency Abdullah KH Almusaibeeh, President of the Arab Bank for Economic Development in Africa (BADEA), marking a collaborative effort. The signing ceremony took place on the sidelines of the 2026 Islamic Development Bank (IsDB) Group Annual Meetings. These important meetings were held in Baku, Republic of Azerbaijan, from June 16 to 19, 2026.
BADEA's Expanding Portfolio
The agreement aims to increase Sierra Leone's subscribed share capital in the Shelter Afrique Development Bank (ShafDB). His Excellency Abdullah KH Almusaibeeh, President of the Arab Bank for Economic Development in Africa (BADEA), signed the agreement, showing BADEA's commitment to the region. BADEA is actively exploring opportunities to expand its current portfolio in Sierra Leone, with a particular focus on private sector development and trade financing initiatives. The BADEA Board has already approved financial support for the expansion of the Bumbuna Hydroelectric Dam Project, a critical infrastructure development. This project is being co-financed by the OPEC Fund for International Development, noting international cooperation in funding key initiatives. Separately, BADEA has disbursed US$30 million of a US$60 million trade credit facility. This facility is specifically intended to facilitate the importation of rice and other essential food commodities into Sierra Leone, addressing food security concerns and supporting the nation's supply chains.
Development Projects Discussed
Minister of Finance Sheku Ahmed Fantamadi Bangura engaged in productive discussions with the Director of the Operations Department of the Kuwaiti Fund for Arab Economic Development (KFAED). The talks focused on potential areas of collaboration and ongoing development initiatives supported by KFAED in Sierra Leone, exploring avenues for further partnership.
Separately, the Hill-Side Bypass Road Project has been successfully completed. The Minister addressed the completion of this vital infrastructure project during his engagements, noting its significance for the region's connectivity and economic development.
Delegation Engagements and IsDB Context
Sierra Leone's delegation to the 2026 Islamic Development Bank (IsDB) Group Annual Meetings included several key officials, demonstrating the nation's high-level commitment. Among them were Financial Secretary Matthew Dingie, a key figure in the nation's financial management. Also present was Deputy Financial Secretary for the Multilateral Project Division Morie Momoh, who plays a significant role in managing international financial relations. Dr. Alhassan A. Mansaray, who serves as Director of the Fiscal Risk Division and Executive Director at IsDB, was also part of the delegation, bringing valuable expertise. Technical Adviser Dr. Franklin Sisabu Bendu and Assistant Director of the Multilateral Project Division Kenneth King also attended, contributing to the technical and strategic discussions. The delegation additionally featured Philip Bangura, Deputy Director of the Banking Supervision Department at the Bank of Sierra Leone, representing the country's central banking interests. The IsDB Group Annual Meetings, which unite 57 member countries from across the globe, focused on the pertinent theme of “Regional Integration for Sustainable Prosperity,” emphasizing collaborative growth among member states.
Broader Investment Aims
The Government of Sierra Leone is committed to constructing a modern Cancer and Radiotherapy Centre, a project of national importance. This initiative is a flagship healthcare priority under President Julius Maada Bio, aiming to significantly enhance the nation's medical infrastructure and provide advanced treatment options for its citizens. This investment shows the government's dedication to improving public health and well-being.