Sierra Leone has secured a US$10 million financing agreement aimed at increasing the country’s subscribed share capital in the Shelter Afrique Development Bank (ShafDB), marking another significant step in strengthening investments in housing, urban development and infrastructure.

The agreement was signed by the Minister of Finance, Sheku Ahmed Fantamadi Bangura, and the President of the Arab Bank for Economic Development in Africa (BADEA), His Excellency Abdullah KH Almusaibeeh, on the sidelines of the 2026 Islamic Development Bank (IsDB) Group Annual Meetings held in Baku, Republic of Azerbaijan, from 16 to 19 June 2026.

Minister Bangura is leading Sierra Leone’s delegation to the annual gathering, which is being held under the theme, “Regional Integration for Sustainable Prosperity.” The event has brought together ministers of finance, economy, planning, development and investment, alongside heads of international financial institutions, private sector leaders and development partners from the IsDB’s 57 member countries to discuss strategies for economic cooperation and sustainable development.

During the bilateral engagement, the two parties formalized the US$10 million financing agreement to increase Sierra Leone’s shareholding in the Shelter Afrique Development Bank, a Pan-African multilateral development institution dedicated to promoting affordable housing, urban development and related infrastructure projects across the continent.

Speaking during the meeting, BADEA President Abdullah KH Almusaibeeh expressed the institution’s commitment to deepening its partnership with Sierra Leone. He disclosed that BADEA is exploring opportunities to expand its current portfolio in the country, including support for private sector development and trade financing initiatives.

The BADEA President further informed the Minister that the Bank’s Board has approved financial support for the expansion of the Bumbuna Hydroelectric Dam Project, which is being co-financed by the OPEC Fund for International Development. He noted that the project is expected to contribute significantly to Sierra Leone’s energy generation capacity and support long-term economic growth.

Almusaibeeh also revealed that BADEA has already disbursed 50 percent of a US$60 million trade credit facility, amounting to US$30 million, to facilitate the importation of rice and other essential food commodities. The initiative is intended to ensure the availability of key food supplies and help maintain price stability across the country.

On the margins of the annual meetings, Minister Bangura also held discussions with the Director of the Operations Department of the Kuwaiti Fund for Arab Economic Development (KFAED). During the meeting, he provided updates on the performance of Sierra Leone’s development portfolio and expressed appreciation for KFAED’s continued support to the Government.

The Minister informed the KFAED Director that the Hill-Side Bypass Road Project has been successfully completed, while ongoing health and water sector projects continue to make progress. He also highlighted the Government’s commitment to constructing a modern Cancer and Radiotherapy Centre, describing it as a flagship healthcare priority under the administration of President Julius Maada Bio.

The KFAED Director reaffirmed Sierra Leone’s importance as a strategic development partner and pledged the Fund’s continued support for projects that align with the Government’s national development agenda.

Sierra Leone’s delegation to the 2026 IsDB Annual Meetings includes Financial Secretary Matthew Dingie; Deputy Financial Secretary for the Multilateral Project Division, Morie Momoh; Director of the Fiscal Risk Division and Executive Director at IsDB, Dr Alhassan A. Mansaray; Technical Adviser Dr Franklin Sisabu Bendu; Assistant Director of the Multilateral Project Division, Kenneth King; and Deputy Director of the Banking Supervision Department at the Bank of Sierra Leone, Philip Bangura.

The engagements in Baku underscore Sierra Leone’s efforts to mobilize development financing, strengthen international partnerships and accelerate investments in critical sectors such as housing, energy, healthcare, infrastructure and food security. https://thecalabashnewspaper.com/finance-minister-signs-10-million-deal-for-housing-urban-development-investment-at-isdb-meetings/