Korea Eximbank (www.koreaexim.go.kr, Chairman Dongsoo Kim) announced on February 9, 2010 official plans to finalize the financing structure and composition of participating institutions for the United Arab Emirates (UAE) nuclear project during the first quarter of 2010.

Additionally, the Bank expressed its intention to provide financing for the SPV (Special Purpose Vehicle) this year.

The financing package for the nuclear project will include investments, direct loans and external debt guarantees for the SPV as well as preferred loans for domestic suppliers.

Korea Eximbank, entrusted to support the export of national strategic industries, plays a leading role in financing services for the UAE nuclear project such as supports for contracts and financial packages.

Since discussions regarding the nuclear project with Korea Electric Power Corporation began in the first half of ‘09, the Bank ensured UAE provision of large scale financing through support letters and letters of intent.

Emirates Nuclear Energy Corporation (ENEC) of the UAE highly appreciated the Bank’s expertise in supporting overseas power plant projects and its capacity to provide large scale financing.
※ The Bank has provided USD 2.1 billion in project financing for 10 power plants in 6 different countries including Saudi Arabia and Jordan.

In order to ensure that the nuclear plant project serves as an opportunity for related industries, the Bank will:
provide timely financing services for large corporations** playing a key role in project implementation;
(EPC: Engineering, Procurement, Construction)
**KEPCO, Doosan Heavy Industries, Samsung C&T Corporation, and Hyundai Engineering and Construction (EPC: Engineering, Procurement, and Construction)

provide SMEs with financing services such as network loans, performance guarantees, etc. to expand participation of Korean SMEs in subcontracting and the delivery of equipment and materials.

Immediately after the UAE power plant project contract was secured, the Bank formed a new department dedicated to power plant projects consisting of overseas power plant project experts.

The Bank will work closely with related government institutions to ensure Korea’s position as the leading exporter of nuclear power plants.