Financing Supports

The Export-Import Bank of Korea is to provide US$3.1 billion (3.5 trillion won) to the Barakah nuclear energy plant project in the United Arab Emirates
The Export-Import Bank of Korea is to provide US$3.1 billion (3.5 trillion won) to the Barakah nuclear energy plant project in the United Arab Emirates

 

The Export-Import Bank of Korea (Korea Eximbank) is to provide US$3.1 billion (3.5 trillion won) to the Barakah nuclear energy plant project in the United Arab Emirates. The project was ordered by Emirates Nuclear Energy Corp (ENEC) and won by Korea Electric Power Corporation (KEPCO).

The creditor group consisting of five organizations, including the Korean Eximbank, signed an agreement to finance the project jointly owned by the ENEC and the KEPCO at Four Seasons Hotel in Abu Dhabi on October 20 (local time).

The Korean Eximbank plans to provide US$2.5 billion (2.82 trillion won) to a joint venture established in the UAE by the ENEC and KEPCO and the remaining US$600 million (677.1 billion won) to the KEPCO. As Korea’s first s nuclear power export project, the nuclear power project in the UAE is to build four reactors using the APR1400, which generate a total of 5,600 megawatts of electricity annually, in Barakah, about 270 kilometers (168 miles) west of Abu Dhabi.

With construction having started in March 2011, the Barakah plant will be finished by 2020, starting with the completion of the first reactor in 2017.

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