Yes, the fada (like the French acute) over the letter "i" elongates the pronunciation of the letter "i". Fada is the Irish word for "long". So, "long road" is "an bóthar fada". This makes an "i" more like an "eee". So the correct pronunciation is "Shee-fra". Or "Shee-u-fra" too I suppose. But pronounce it all as one word, don't pause for each section. There really are only two syllables.