AYV News, June 19, 2026
Sierra Leone’s Finance Minister Sheku Ahmed Fantamadi Bangura has signed a $10 million financing agreement to raise the country’s share capital in Shelter Afrique Development Bank.
The Minister held a series of high-level bilateral engagements with international development partners on the sidelines of the Islamic Development Bank (IsDB) Group Annual Meetings currently taking place in Baku, Republic of Azerbaijan.
The Annual Meetings, held from 16 to 19 June 2026 under the theme “Regional Integration for Sustainable Prosperity,” have brought together finance ministers, policymakers, development experts, private sector leaders, and representatives from the IsDB Group’s 57 member countries to discuss strategies for promoting economic cooperation and sustainable development.
One of the key outcomes of the meetings was the signing of a US$10 million Financing Agreement between the Government of Sierra Leone and the Arab Bank for Economic Development in Africa (BADEA). The agreement, signed by Finance Minister Bangura and BADEA President, His Excellency Abdullah KH Almusaibeeh, will support Sierra Leone’s increased subscribed share capital in the Shelter AfriqueDevelopment Bank (ShafDB).
Shelter Afrique Development Bank is a Pan-African Multilateral Development Bank dedicated to financing housing, urban development, and related infrastructure projects across the continent.
During the engagement, the BADEA President expressed the institution’s readiness to expand its support to Sierra Leone through additional investments in the private sector and trade financing initiatives. He also disclosed that BADEA’s Board has approved financial support for the expansion of the BumbunaHydroelectric Dam Project, which is being co-financed by the OPEC Fund for International Development.
Furthermore, BADEA confirmed that it has already disbursed 50 percent, amounting to US$30 million, of a trade credit facility aimed at supporting the importation of rice and other essential food commodities to ensure food availability and maintain price stability in the country.
Minister Bangura also met with the Director of the Operations Department of the Kuwaiti Fund for Arab Economic Development (KFAED), where he provided updates on the implementation of projects funded by the institution and expressed appreciation for its continued partnership with Sierra Leone.
During the discussions, the Minister noted that the Hillside Bypass Road Project has been successfully completed, while several health and water sector projects remain ongoing. He further highlighted the Government’s plans to establish a Cancer and Radiotherapy Centre, describing it as a major healthcare priority under the administration of President Julius Maada Bio.
The KFAED Director reaffirmed Sierra Leone’s importance as a development partner and pledged the institution’s continued support for the country’s development agenda.
The Sierra Leone delegation attending the IsDB Annual Meetings includes Financial Secretary Matthew Dingie, Deputy Financial Secretary Morie Momoh, Director of Fiscal Risk Division and Executive Director at IsDB Dr. Alhassan A. Mansaray, Technical Adviser Dr. Franklin Sisabu Bendu, Assistant Director Kenneth King, and Deputy Director of Banking Supervision at the Bank of Sierra Leone, Philip Bangura.
The engagements are expected to strengthen Sierra Leone’s partnerships with international financial institutions and support the country’s efforts to mobilize resources for infrastructure development, energy expansion, food security, healthcare, and private sector growth.
