Export-Import Bank of Korea has formalised a trilateral partnership with Korea Hydro & Nuclear Power and Philippine utility Meralco to provide financial backing for nuclear energy projects in the Philippines, following a memorandum of understanding signed during South Korean President Lee Jae Myung's state visit to Manila, The Korea Times reports.

The agreement positions Korea Eximbank to support parties financially as the Philippines develops nuclear capacity. KHNP provides over 30 per cent of South Korea's electricity whilst Meralco supplies more than 50 per cent of Philippine electricity demand.

The signing ceremony on March 4 included Minister of Trade, Industry and Resources Kim Jung-kwan, Philippines Department of Trade and Industry Secretary Cristina Roque, Korea Eximbank Chairman Hwang Ki-yeon, KHNP acting President Chun Dae-wook and Meralco Chairman Manuel Pangilinan.

Hwang described the memorandum as "an important starting point for expanding Korea Eximbank's financial expertise into the Philippines' nuclear sector." Pangilinan said: "The proven technological expertise of Korean companies, combined with financial support from Korea Eximbank, represents a significant step forward in strengthening the Philippines' energy security and driving economic growth."

Korea Eximbank will review financial support for Meralco's nuclear projects, provide customised financial packages for Korean companies and create a nuclear ecosystem combining KHNP's technical expertise with Meralco's partnership network.

The state-run lender previously provided project financing for Philippine power plants including the Ilijan and Cebu projects, establishing market credibility. Korea Eximbank stated the partnership is expected to bolster South Korea's overseas expansion in the nuclear energy market as a first mover, particularly given President Lee's state visit context.

Meralco was described as "a key partner with unmatched influence over power infrastructure projects" across the Philippines.

Examine Korea Eximbank's financing structures and KHNP's nuclear technology offerings for the Philippines in the complete report.