At the Islamic Development Bank (IsDB) Annual Meetings in Baku, Sierra Leone inked a $10 million capital deal to boost its stake in Shelter Afrique Development Bank, reinforcing its commitment to regional housing and infrastructure finance.
Finance Minister Sheku Ahmed Fantamadi Bangura, heading Sierra Leone’s delegation at the 2026 gathering, finalized the agreement with BADEA President Abdullah KH Almusaibeeh during bilateral talks on the summit’s sidelines. This year’s meetings, held under the theme “Regional Integration for Sustainable Prosperity,” drew finance and planning ministers from 57 member states, along with global financial leaders, private sector representatives, and media.
Shelter Afrique—a Pan-African multilateral institution—specializes in funding housing, urban development, and infrastructure. Sierra Leone’s increased capital injection is expected to bolster ShafDB’s capacity to drive affordable housing and urban expansion projects continent-wide.
President Almusaibeeh also revealed BADEA’s growing engagement in Sierra Leone, with new support for private sector growth and trade credit. He noted that the Bank’s Board has greenlit funding for the Bumbuna hydro dam expansion, co-financed with the OPEC Fund. Additionally, BADEA has already released 50% ($30 million) of a trade credit facility aimed at stabilizing rice and food imports to enhance supply and price stability.
Minister Bangura also met with the Kuwait Fund for Arab Economic Development (KFAED), updating its Operations Director on Sierra Leone’s portfolio. He expressed appreciation for KFAED’s backing, citing the completed Hill-Side bypass road and ongoing health and water projects. Bangura highlighted the government’s flagship health initiative—a Cancer and Radiotherapy Centre—under President Bio, with KFAED reaffirming its dedication to Sierra Leone’s development agenda.
The Sierra Leonean delegation included Financial Secretary Matthew Dingie, Deputy Financial Secretary Morie Momoh, Dr. Alhassan A. Mansaray (Director of Fiscal Risk and Executive Director at IsDB), Dr. Franklin Sisabu Bendu, Kenneth King, and Philip Bangura from the central bank.
Overall, the financing pact and related discussions reflect Sierra Leone’s strategic push to harness multilateral partnerships for infrastructure, energy, and food security, while strengthening its role in regional development finance.