The Export-Import Bank of Korea (Eximbank Korea) announced on Wednesday the signing of a tripartite Memorandum of Understanding (MOU) with Korea Hydro & Nuclear Power (KHNP) and Manila Electric Company (Meralco) to support the development of nuclear power infrastructure in the Philippines.
This agreement establishes Eximbank Korea as a key financial partner for potential nuclear energy projects spearheaded by Meralco, the largest private power distributor in the Philippines. The collaboration is aimed at bolstering South Korea’s competitive edge in the global nuclear energy market.
The signing ceremony was attended by Minister of Trade, Industry and Energy Kim Jung-kwan and Philippine Secretary of the Department of Trade and Industry Maria Roque, highlighting the importance of this partnership.
Following President Lee Jae Myung’s recent visit to the Philippines, this agreement seeks to create financial support mechanisms that will facilitate the expansion of Korean nuclear energy companies in the Southeast Asian nation.
Under the MOU, Eximbank Korea will explore providing financial backing for nuclear projects led by Meralco, in collaboration with KHNP and other relevant Korean firms. The involved parties also intend to cooperate on establishing a comprehensive nuclear power ecosystem, integrating KHNP’s technological expertise with Meralco’s established local network.
Eximbank Korea has a proven track record of supporting power infrastructure projects in the Philippines, including project financing for the Ilijan and Cebu power plants. The bank is also currently funding feasibility studies related to potential nuclear energy development within the country.
“The certified technical capabilities of Korean companies, combined with financial support from Eximbank, will enhance the Philippines’ energy security and contribute significantly to economic growth,” stated Meralco Chairman Manuel Pangilinan.
Eximbank Korea President Hwang Ki-yeon emphasized that this agreement represents a crucial step in expanding the bank’s involvement in international nuclear energy ventures.
“This memorandum will serve as a foundation for supporting nuclear energy development in the Philippines,” he said. “We will continue to offer financial support to enable Korean companies to participate in future projects and contribute to the growth of the nuclear energy sector.”
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