Sierra Leone’s Minister of Finance, Sheku Ahmed Fantamadi Bangura, and the President of Arab Bank for Economic Development in Africa (BADEA), His Excellency Abdullah KH Almusaibeeh, have signed a 10-million-dollar Financing Agreement to increase the country’s subscribed share capital in Shelter Alfrique Development Bank.
The two high-level officials signed the Financing Agreement at the margins of one of the 2026 IsDB Annual Meetings in Baku.
Minister Bangura, who is leading Sierra Leone’s delegation to the Islamic Development Bank (IsDB) Group Annual Meetings in Baku, Republic of Azerbaijan 16th -19th June 2026, has been extremely busy on the sidelines, engaging bilaterally with various development partners.
The 2026 Annual Meeting is themed “Regional Integration for Sustainable Prosperity.” The event brought together high-level government officials, Ministers of Finance, economy, planning, development, and investment from Member countries, as well as heads of international and regional financial institutions, private sector representatives, and media representatives from the Group’s 57 member countries to promote economic cooperation and sustainable development.
The Shekter Afrique Development Bank (ShafDB) is a Pan-African Multilateral Development Bank (MDB) dedicated to promoting and financing housing, urban development, and related infrastructure.
The BADEA President also informed the Finance Minister that BADEA is looking forward to expanding the current country portfolio, including support to the private sector and trade credit.
His Excellency also confirmed that the Board of BADEA has approved its financial contribution for the expansion of the Bumbuna Hydro Dam project, which is co-funded by the OPEC Fund for International Development.
The bank gas also disbursed 50% (US$30m) of trade credit facility to support the importation of rice and other food products, ensuring availability and maintaining price stability.
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