Senegal Assistance
Senegalese President Macky Sall expressed his appreciation of Korea’s help in building ships through the Economic Development Cooperation Fund (EDCF) at a ship-launching ceremony held at Ziguinchor Port on Feb. 19, according to the Ministry of Strategy & Finance.
The Korean government provided Senegal with US$48.8 million via the EDCF in Oct. 2010. The amount was 80 percent of the total cost of Senegal’s project for marine traffic network expansion to connect the northern and southern regions of the country. Senegal spent the fund building two ships and accompanying port facilities.
The EDCF was set up in 1987 in order to assist in the establishment of economic and social infrastructure in developing countries. The fund provided for Senegal has an annual interest rate of 0.01 percent with a repayment period of 40 years.