By Kim Jae-won
Staff Reporter
The Export-Import Bank of Korea (Korea Eximbank) will play a leading role in supporting the export of nuclear power technology by providing financial aid for local companies, the head of the state-run lender said Tuesday.
At a meeting with reporters, Eximbank Chairman Kim Dong-soo said that he will form a lenders’ group in the first quarter to facilitate export financing for nuclear power businesses.
"We are taking part in the United Arab Emirates (UAE) nuclear power plant business. We will do our best to help the nation become one of the top three powerhouses in the industry,’’ Kim said.
"We plan to complete the design of a financing structure and the creation of a lenders’ group in the first quarter in cooperation with UAE’s Emirates Nuclear Energy Corporation,’’ he added.
A consortium led by the Korea Electric Power Corp. won a $20 billion contract in December to build nuclear power plants in the Middle East nation, paving the way for Korea to become a major energy facility exporter.
It is the largest-ever energy deal awarded in the Middle East region, which has sought to replace oil with nuclear power and other alternative energy sources amid falling oil reserves.
The former vice finance minister also said that the bank seeks to share its experience and knowhow with developing countries.
"We will make a Korean International Assistance Model based on our unique economic development experience. We have our own development methods, which are different from western countries. I think we can share this experience with underdeveloped nations,’’ Kim said.
The lender pointed out that in the past western countries supported underdeveloped nations for the purpose of colonization, but Korea will introduce a better model.
"We joined the OECD Development Assistance Committee (DAC) recently, and turned to a giving country from a receiving one. We hope to share our knowledge and experience with other developing nations,’’ Na Ki-hwan, a director at the economic development cooperation fund (EDCF) planning office, said.
Korea shifted its status from an assistance recipient to a donor after joining DAC, a club of 23 donors, last November.
In the meantime, Kim said that the lender is preparing for new assistance programs for North Korea in preparation for a summit between the two Koreas.
"We are having discussions with the Ministry of Unification on how to help North Korea. However, I cannot say any more at this moment,’’ Kim said.
Kim also mentioned the "Hidden Champion Project,’’ which supports the country’s small- and mid-sized companies.
"We will continue to help these promising companies. They are the backbone of Korean industry, which sustains our economy. We cannot survive without the work of such companies,’’ Kim said.