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Korea Exim News

EDCF to Provide USD 10 Million for Maritime Infrastructure Projects in Senegal

  • Date2017.09.29
  • View8466


The Export-Import Bank of Korea (www.koreaexim.go.kr, Chairman Sung-soo Eun, “Korea Eximbank”) announced on September 29 that it would provide EDCF loans for the ‘The Supply of Refrigerated Trucks Project’ and the ‘The Construction of Refrigerated Warehouse Project’ in Senegal, each amounting to USD 5 million.


Korea Eximbank Chairman Eun Sung-soo met with the Senegalese Minister of Fisheries and Maritime Economy, Oumar Gueye at the headquarters of Korea Eximbank in Seoul and signed the USD 10 million loan agreement.


The signing of the agreement is a follow-up to the agreement that the Presidents of Korea and Senegal had reached on the sidelines of the UN general assembly in New York on September 19 to expand economic cooperation between the two countries.


Since Senegal’s marine products are highly preferred by Korean consumers, Korea Eximbank has been providing EDCF loans mainly for maritime infrastructure projects in the country.


As the projects that will be supported this time will be financed through ‘EDCF Compact Loans’ where only small-and medium-sized enterprises(SME) can take part in, it is anticipated that the projects will serve as a stepping stone for Korean SMEs to make inroads into the African market.


Chairman Eun remarked, “Korea Eximbank will expand its supports in Africa through EDCF to facilitate Korean companies' entry into the region. It will keep expanding cooperation with Senegal in many areas, including healthcare and ICT, as well as maritime infrastructure.