By Joseph Momoh, Reporter D.S
A $10 million financing agreement signed this week will increase the country’s subscribed share capital in Shelter Afrique Development Bank, deepening its role in regional housing and infrastructure finance.
Finance Minister Sheku Ahmed Fantamadi Bangura finalized the deal with Arab Bank for Economic Development in Africa President Abdullah KH Almusaibeeh on the sidelines of the 2026 Islamic Development Bank Group Annual Meetings in Baku.
Bangura is leading the national delegation to the meetings, which convene ministers, development partners, financial institutions, and private sector leaders from the IsDB’s 57 member states. This year’s theme is “Regional Integration for Sustainable Prosperity.”
Shelter Afrique Development Bank is a Pan-African multilateral institution that finances housing, urban development, and related infrastructure projects across the continent. The new funding positions the country to expand its participation in those programs.
The agreement was part of a broader round of bilateral talks Bangura held with international partners to mobilize resources for the national development agenda.
During the meeting, Almusaibeeh reaffirmed BADEA’s commitment to widening its support. He said the bank is looking to grow its country portfolio, including backing for private sector initiatives.
Almusaibeeh also confirmed BADEA’s board has approved financing for the expansion of the Bumbuna Hydroelectric Project, a scheme co-financed with the OPEC Fund for International Development.
In addition, he noted that BADEA has already disbursed half of a $60 million trade credit facility aimed at securing imports of rice and other staple food items to stabilize supply and prices.
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