At the 2026 Islamic Development Bank (IsDB) Annual Meetings in Baku, Azerbaijan, Sierra Leone’s Minister of Finance, Sheku Ahmed Fantamadi Bangura, signed a US$10 million financing agreement aimed at increasing the country’s subscribed share capital in Shelter Afrique Development Bank (ShafDB).
Minister Bangura is leading Sierra Leone’s delegation to the IsDB Group Annual Meetings, taking place from 16-19 June 2026 under the theme, “Regional Integration for Sustainable Prosperity.” The event has brought together ministers, senior government officials, development partners, financial institutions, private-sector leaders, and media representatives from the IsDB Group’s 57 member countries to advance economic cooperation and sustainable development.
On the sidelines of the meetings, Minister Bangura held a series of bilateral engagements with development partners. One of the key outcomes was the signing of the US$10 million financing agreement with Arab Bank for Economic Development in Africa. The agreement was signed alongside BADEA President, Abdullah KH Almusaibeeh, and will enable Sierra Leone to increase its shareholding in Shelter Afrique Development Bank, a Pan-African multilateral development bank that promotes housing, urban development, and related infrastructure projects across Africa.
During the meeting, the BADEA President expressed the institution’s interest in expanding its portfolio in Sierra Leone, particularly through increased support for private-sector development and trade financing. He also confirmed that BADEA’s Board has approved funding for the expansion of the Bumbuna Hydroelectric Project, which is being co-financed by OPEC Fund for International Development.
In addition, BADEA has already disbursed 50 percent (US$30 million) of a trade credit facility intended to support the importation of rice and other essential food commodities. The facility is expected to help ensure food availability and contribute to price stability in Sierra Leone.
Minister Bangura also met with officials from the Kuwait Fund for Arab Economic Development, where he provided an update on the performance of ongoing projects and expressed appreciation for the Fund’s continued support.
During the discussions, the Minister reported that the Hillside Bypass Road Project has been successfully completed, while several health and water-sector projects remain under implementation. He further highlighted the Government’s plans to construct a Cancer and Radiotherapy Centre, describing it as a major healthcare priority of President Julius Maada Bio.
The Director of Operations at KFAED reaffirmed Sierra Leone’s importance as a development partner and pledged the Fund’s continued support for the Government’s national development agenda.
Sierra Leone’s delegation to the 2026 IsDB Annual Meetings includes: Matthew Dingie, Financial Secretary; Morie Momoh, Deputy Financial Secretary, Multilateral Project Division; 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, Banking Supervision Department, Bank of Sierra Leone.
The agreement marks another significant step in Sierra Leone’s efforts to strengthen its participation in regional development finance institutions while mobilizing resources for housing, infrastructure, energy, trade, and social development.