By Aminata Abu Bakarr Kamara
The Islamic Development Bank (IsDB) continues to play a pivotal role in financing development projects across Africa, with Algeria proudly contributing to this growth, as Algeria advances its efforts to diversify its economy, the annual meeting serves as a crucial platform for exchanging ideas and forging partnerships.
Sierra Leone’s Ambassador to Algeria, Alhaji Brima Elvis Koroma, represented the country at the 2025 IsDB group annual meeting held in Algeria, his participation underscores Sierra Leone’s commitment to engaging in global economic dialogues and advancing Islamic finance initiatives.
The conference brought together finance ministers, economic experts, and development strategists from the IsDB’s 57 member countries. The event also marked the 50th session of the IsDB Board of Governors’ Meeting, celebrating a milestone in the Bank’s mission to promote Islamic finance, harness innovation, and support sustainable development worldwide.
For the third consecutive time, Sierra Leone’s Minister of Finance, Mr. Sheku Ahmed Fantamadi Bangura, attended the IsDB Annual Meetings. He was accompanied by the Financial Secretary, Mr. Matthew Dingie, Minister of Agriculture, Mr. Henry Musa Kpaka, representatives from the Bank of Sierra Leone, and other senior officials.
Dr. Hussein Ibrahim Taha, Secretary-General of the Organization of Islamic Cooperation (OIC), thanked President Tebboune and the Algerian government for their warm hospitality. He also highlighted the challenges and opportunities for enhanced cooperation among member states.
Dr. Sulaiman, Chairman of the IsDB Group, welcomed delegates and expressed appreciation to Algeria for hosting the meeting for the third time. He reflected on Algeria’s historic struggle for independence and resilience in shaping its prosperous future. Despite global economic headwinds, including climate change, IsDB remains financially robust. Nearly $2 billion has been committed to food security initiatives, reinforcing the Bank’s vital role as a global development partner.
Saudi Arabia, recognized as a key shareholder of the IsDB, was acknowledged for its significant contributions to the Bank’s strategic initiatives, Algeria’s Prime Minister, Mr. Arbaoui, emphasized the importance of the IsDB’s presence in Algeria and reiterated the government’s strong dedication to economic diversification and sustainable development, Sierra Leone’s active engagement at the IsDB Annual Meetings holds strategic importance for the country’s economic growth and financial planning:
The IsDB supports infrastructure, agriculture, education, and healthcare projects. Sierra Leone’s involvement enhances its prospects for securing vital funding for national development priorities, the meetings provide a platform to deepen financial and diplomatic ties with influential member states such as Saudi Arabia and Algeria, potentially opening avenues for trade, investment, and collaboration.
The conference theme, Diversifying Economies, Enriching Lives, aligns with Sierra Leone’s goals to reduce reliance on a narrow economic base and boost sectors like agriculture, renewable energy, and technology, with IsDB’s nearly $2 billion commitment to food security, Sierra Leone can benefit from support aimed at improving agricultural productivity, resilience, and long-term economic stability, discussions on managing economic risks amid climate change and other global challenges provide critical insights to inform Sierra Leone’s policies for sustainable growth.
Sierra Leone’s participation in the IsDB Annual Meeting represents a valuable opportunity to learn from successful models and strengthen partnerships that contribute to the country’s development ambitions.
Copy right –Printed in the Expo Times News on Wednesday, May 28TH, 2025 (ExpoTimes News – Expo Media Group (expomediasl.com)
