The board of the Islamic Development Bank (IDB) has approved US$80 million in financing to Sudan to help increase the height of the 280-MW Roseires Dam on the Blue Nile in southern Sudan.
IDB announced the funding in March, following a meeting of the IDB board in February in Tehran, Iran. Among other actions, the board approved its IDB program for Africa, which aims to achieve United Nations Millennium Development Goals in the bank’s member countries.
The bank said it approved US$80 million in Istisna’s financing for heightening Roseires. Istisna is a mode of financing widely used by Islamic banks and financial institutions to finance construction and manufacturing.
In January, the Arab Fund for Economic Development approved a US$200 million loan to Sudan to increase the height of Roseires. (HNN 1/8/08)
Sudan has said increasing the dam height will improve socio-economic development by making available an extra reserve of 4 billion cubic meters of water. It also is to help promote agricultural development on the banks of the Blue Nile and the Nile, expand the growing of wheat, and increase production of hydroelectric power.
Sudan has conducted major work on Roseires in recent years, commissioning VA Tech Hydro to rehabilitate turbine-generator and governor equipment.