2015 年，聯合國製定了一份包含 17 個相互關聯的“可持續發展目標”(SDG) 的清單。然而，大多數國家都落後於目標，包括塞內加爾。目前的文獻表明，增加外國直接投資 (FDI) 可能是協同改善實現這些目標的最佳選擇，而基礎設施建設同樣在整個文獻中被提議作為增加發展中國家 FDI 的最佳方法。雖然塞內加爾越來越重視基礎設施建設，但一直缺乏對其融資可持續性的關注。因此，本論文的目的是調查塞內加爾當前基礎設施融資的可持續性，以及如何緩解金融依賴、外國影響程度和環境問題等問題。為此，我們使用現有文獻以及對五位參與者的訪談結果得出結論，五位參與者在西非基礎設施發展方面都具有不同的專業知識。本文有幾個關鍵發現，包括對塞內加爾基礎設施的可持續投資有可能同時促進塞內加爾在實現多個可持續發展目標方面取得進展，這是由於基礎設施與外國直接投資的關係，雖然這種融資的所有來源都面臨問題，但不應放棄，但重點應放在塞內加爾的主權財富基金 (SWF) 上。由於缺乏有關塞內加爾現有基礎設施融資來源可持續性的現有文獻，因此有必要進行這項研究，旨在強調進一步研究的必要性

In 2015, the UN curated a list of 17 interlinked “Sustainable Development Goals” (SDGs). However, the majority of countries are behind target, including in Senegal. Current literature proposes that increased Foreign Direct Investment (FDI) may be the best option to synergistically improve progress toward these goals, and infrastructure development has similarly been proposed throughout literature as the best method for increasing FDI in developing countries. While infrastructure development is being increasingly emphasised in Senegal, there has been a lack of focus toward the sustainability of the financing of this. Therefore, the aim of this thesis is to investigate the current sustainability of infrastructure financing in Senegal, and how the problems such as the financial dependency, the degree of foreign influence, and environmental issues can be mitigated. To do this, existing literature as well as findings from interviews with five participants, who all have differing expertise regarding infrastructural development in West Africa, were used to draw conclusions. This paper has several key findings, including that sustainable investment in Senegal’s infrastructure has the potential to improve Senegal’s progress toward several SDG goals simultaneously, due to infrastructures relationship to FDI, and while all sources of this financing face issues, they should not be abandoned, but emphasis should be placed on Senegal’s Sovereign Wealth Fund (SWF). This study was necessitated by the lack of existent literature regarding the sustainability of present sources of infrastructure financing in Senegal and is intended to highlight the need for further research.

Thesis Validation Letter i
Acknowledgements ii
摘要 iii
Abstract iv
1) Introduction 1
1.1 Africa, the “hopeless continent” 1
1.2 What is Sustainable Development? 2
1.3 Sustainable Development Goals 2
1.4 What is Sustainable Financing? 3
1.5 How will infrastructure be defined? 3
1.6 Rationale behind focussing on Senegal 4
1.7 Overview of thesis 5
1.8 Aims and Objectives 6
2) Literature review 7
2.1 What is the optimal strategy for SDG progress? 7
2.1.1 The role of FDI in SDG progression 7
2.1.2 The positive feedback relationship between FDI and Infrastructure development 8
2.1.3 Infrastructure development and FDI 8
2.1.4 Senegal’s business environment 10
2.2 Senegal’s infrastructure gap 11
2.3 Sources of financing toward Senegalese infrastructure 12
2.3.1 Aid 12
2.3.2 French investment into Senegal 16
2.3.3 Chinese Investment into Senegal 18
2.3.4 Other issues present in Bilateral investments 21
2.3.4.1) Knowledge transfer 22
2.3.4.2) Resource extraction 22
2.3.4.3) Investment into fossil-fuel based infrastructure 24
2.3.4.4) Destruction of wildlife & habitats 25
2.3.5 Government Funding 26
2.3.5.1) Sovereign wealth funds (SWFs) 26
2.3.5.2) Better utilising current financial resources 27
3) Methodology 28
3.1 Data collection methodology rationale 28
3.2 Participant Selection 29
3.3 Participant Overview 29
3.4 Style of interview 30
3.5 Analysis of data 30
4) Discussion 31
4.1 Development Finance Institutions / AID 31
4.2 Sustainability issues of French investment 31
4.3 Sustainability issues of Chinese investment 34
4.4 Other Problems of bilateral funding 35
4.4.1 Knowledge transfer 35
4.4.2 Resource extraction 35
4.4.3 Investments into fossil fuel based infrastructure 36
4.4.4 Destruction of wildlife and habitats 38
4.5 Government Funding 38
4.5.1 Better utilisation of limited financial resources 38
4.5.2 SWFs 39
5) Conclusions and Recommendations 40
5.1 Should Senegal continue utilising Aid? 40
5.2 Which external infrastructure financing sources should be prioritised? 41
5.3 How should the issues present with current sources of investment be mitigated? 42
5.3.1 Knowledge transfer 42
5.3.2 Esource extraction 42
5.3.3 Fossil-fuel based infrastructure 43
5.3.4 Destruction of habitats and wildlife 44
5.4 Are there better ways to raise financing for Senegalese infrastructure development? 44
5.5 Will the recommendations suggested be substantial to allow Senegal to meet their SDG goals? 45
5.6 Key Takeaways 45
6) Limitations 46
References 47
Appendix 1- Participant Information Sheet & Informed Consent Form 60
Appendix 2 – Ethical Approval Form 63

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