The Government of Sierra Leone (GoSL) has entered into a groundbreaking partnership with the OPEC Fund for International Development (OFID), which was formalised by the signing of a three-year Country Partnership Framework (CPF) Agreement worth US$260 million. This agreement, which will be in effect from July 2025 to June 2028, is intended to support several critical development initiatives in the country.
The historic agreement was signed by Sierra Leone’s Finance Minister, Hon. Sheku Ahmed Fantamadi Bangura, and OFID President, Dr. Abdulhamid Alkhalifa. The CPF Agreement funds are set aside for critical projects aimed at improving agriculture, agribusiness, renewable energy, road infrastructure, and transportation systems. This collaboration is viewed as a critical step towards achieving the goals outlined in Sierra Leone’s Medium-Term National Development Plan (MTNDP) for 2024-2030 and the United Nations Sustainable Development Goals (SDGs) for 2030.
Dr. Alkhalifa emphasised the broader implications of this collaboration, saying, “The partnership between the OPEC Fund and Sierra Leone is about much more than financing. It is a commitment to progress: in roads that connect people, in energy projects that empower communities, and in clean water systems that support life itself.” This sentiment reflects OFID’s mission of driving development and empowering communities through strategic financial assistance from member countries to non-member countries.
OFID’s financial support is specifically allocated to several key projects, including the establishment of Sierra Leone’s Agricultural Finance Bank, which will receive $50 million. In addition, US$55 million is set aside for irrigation and water management infrastructure, with US$45 million going towards the upgrade and rehabilitation of the Bumbuna 1 hydroelectric project. The Kambia-Kychom Road project is also a priority, with a US$50 million budget. Furthermore, the African Development Bank (AfDB) has funded a US$50 million investment in Kambia District to develop a Rice Value Chain. The agreement also includes US$10 million for capacity building, policy, and program support, as well as a US$200,000 grant to establish a Climate Finance and Energy Innovation Hub at the Presidential Initiative on Climate Change, Renewable Energy, and Food Security (PI-CREF).
Minister Bangura emphasised the importance of this collaboration, saying, “This agreement represents a significant milestone in Sierra Leone’s sustainable development journey. Sierra Leone is not only increasing its visibility among international partners, but also gaining access to affordable capital to drive development while welcoming credible partners to participate.” His remarks reflect a strong commitment to creating an environment that promotes long-term growth and development.
Dr. Henry Musa Kpaka, Minister of Agriculture and Food Security, emphasised the importance of the OPEC Fund’s assistance in advancing the food systems transformation initiative central to President Bio’s flagship agenda, “Feed Salone.”
Furthermore, Hon. Dr. Kandeh Yumkella, Chairman of PI-CREF and the Energy Governance Coordination Group (EGCG), thanked OFID’s leadership and President Bio for encouraging collaboration with international partners to highlight Sierra Leone’s priority projects and effectively mobilise funding. This partnership has the potential to have a long-term impact on Sierra Leone’s development trajectory and improve citizens’ lives.
