The Export-Import Bank of Korea (www.koreaexim.go.kr, Chairman Lee Duk-hoon, “Korea Eximbank”) announced on July 25 that it held the opening ceremony for the Ndakhonga harbor terminal supported by EDCF* in Ndakhonga, Senegal on July 23.

- The Economic Development Cooperation Fund (EDCF) was established by the Korean government in 1987 to promote economic exchanges with the developing world and to assist developing countries in achieving industrialization and economic stability through the provision of long-term, low-interest credit.

The ceremony was attended by about 500 guests including Senegalese president Macky Sall, Chairman of Korea Eximbank Lee Duck-hoon, and key officials of the Senegalese government.

The Ndakhonga harbor terminal development is the last phase project of the Maritime Infrastructure Establishment Project driven by the Senegalese government with the financing from EDCF.

The Senegalese government has implemented the project to expand the maritime transportation network to connect the major cities in the central region with its capital Dakar to promote balanced regional growth.

Last February, two car ferries were launched to pass between Dakar and Ziguinchor while the refrigerated warehouse was completed in Ziguinchor. Now through this project a harbor terminal has been established in the central Ndakhonga region in Senegal.

The Korean government has extended USD 48.79 million in EDCF loans for the USD　61 million project.

Geologically, the Gambia blocks Senegal from the western coast way into the middle eastern part of the central region, severing logistics and passenger transportation by inland road.

With the construction of the harbor terminal, the Maritime Infrastructure Establishment Project in Senegal has been finally completed. It is expected that people will easily come and go between the north and south, significantly increasing free movements of people and their participation in economic activities.

At the opening ceremony, Chairman of Korea Eximbank Lee Duk-hoon said, "Samsung C&T joined hands with Dongil Shipyard to form a consortium that successfully completed the project. This project will be remembered as a best practice of mutual cooperation which enabled the joint entry into the overseas market by a small-sized shipbuilder and a large conglomerate." He added, "Going forward, Korea Eximbank will continue to actively support this form of partnership between Korean companies to effectively assist our partner country's development."

Senegal's President Macky Sall said in his congratulatory remarks, "By expanding the maritime transportation connecting the capital city of Dakar with major central and southern cities, personal and logistical exchanges are expected to be greatly facilitated, whereby we can drive balanced growth throughout the entire country."

Korea Eximbank held the Africa Regional Strategy Conference in Dakar, Senegal on July 24, where Chairman Lee and Executive Director Yim Seong-hyeog attended.

At the conference held to build up capacity to support Africa, Korea Eximbank checked the infrastructure market trends in Africa and discussed strategies to support Korean businesses by region.

This is the first time that Korea Eximbank has held the regional strategy conference in Africa.

By opening representative offices in Tanzania, Mozambique, and Ghana this year, Korea Eximbank aims at expanding its networks in Africa, which is fast growing as an emerging market based on rich natural resources and domestic market growth.