A review mission from the International Fund for Agricultural Development (IFAD) has completed its assessment of the Rural Finance & Community Improvement Project Phase II (RFCIP–II). The mission, led by Madame Pascaline Barankeba, IFAD’s Country Director for West and Central Africa, met with Sierra Leone’s Minister of Finance, Hon. Sheku Ahmed Fantamadi Bangura, on June 12, 2024.
The meeting was attended by Dr. Franklin Sisabu Bendu, Technical Adviser to the Minister, and Mr. Kenneth King, Assistant Director of the Multilateral Project Division. The delegation also included Mr. Joseph Brima, Country Programme Manager; Nelson Salia-Konneh, Director of APEX Bank Sierra Leone Limited; and Mohamed Tejan Kella, RFCIP-II Programme Coordinator.
Minister Bangura expressed appreciation for Madame Barankeba’s support in implementing various IFAD-funded projects in Sierra Leone. The Country Director explained that RFCIP-II aims to reduce rural poverty and household food insecurity sustainably. Initially approved for a nine-year period starting in 2013, the project received additional financing twice—$9 million first and then $15 million in 2023—bringing total IFAD financing to $31.3 million.
Mr. Joseph Brima presented an update on the project’s progress to Minister Bangura. He reported that the project is performing well and remains on track. The APEX bank and 76 Rural Financial Institutions across Sierra Leone are providing financial solutions to smallholder farmers.
Brima noted that Financial Service Associations increased from 48 in September 2024 to 54 by March 2025 and all Community Banks had become sustainable by March 2025. By that time, the project had reached 256,212 households or about 79% of its target of 324,496 households.
Brima also highlighted that the Rural Finance Network (RFN) is still Sierra Leone’s largest national financial inclusion network covering all districts. As of March 2025, RFN had over 179,000 shareholders and more than 80,000 active borrowers.
Minister Bangura praised IFAD for RFCIP-II’s successful implementation and urged full utilization of funds during its term. He committed government support for completing the APEX Bank building through counterpart funding.