The Korea Trade Insurance Corporation (K-Sure) is strengthening financial cooperation in energy infrastructure, including nuclear power plants, with the Slovak Export-Import Bank. This partnership aims to support the entry of domestic nuclear and power companies into the European market as Slovakia pushes forward with the construction of new large-scale nuclear power plants.
K-Sure announced on the 15th that it signed a memorandum of understanding (MOU) with the Slovak Export-Import Bank on November 13 at its headquarters in Jongno-gu, Seoul. The signing ceremony was attended by K-Sure Vice President Kim Gi-heon and Slovak Export-Import Bank CEO Rastislav Podhorec.
The Slovak Export-Import Bank is the only public export credit agency in Slovakia, responsible for export financing in key national industries such as automotive, energy, and machinery and plants.
This agreement aims to enhance cooperation in nuclear and energy infrastructure between the two countries in response to global energy security challenges and the transition to decarbonization. The two institutions plan to exchange information on new nuclear and energy project developments and establish joint financing structures for specific projects.
In particular, they will explore financial support options for domestic nuclear equipment and power facility companies participating in Slovak energy projects.
Slovakia is a prominent nuclear power country, with nuclear energy accounting for more than half of its total electricity production. According to Eurostat, the statistical office of the European Union, nuclear energy is projected to represent 61.6% of Slovakia's total electricity production in 2024, the second highest in the EU after France's 67.3%.
The Slovak government is pursuing the construction of a new large-scale nuclear power plant with a capacity of up to 1,200 MW at the existing Jaslovské Bohunice site. In September, this project was designated as a national strategic investment, with an estimated investment of at least €10.938 billion. The project is set to begin in earnest in 2027, aiming for completion by 2040.
However, Slovakia signed an intergovernmental agreement with the United States in January for cooperation on private nuclear power, including new nuclear construction. Therefore, K-Sure's financial cooperation is significant not only for direct contracts for Korean-style nuclear power plants but also for expanding opportunities for participation in related industries such as nuclear equipment supply and power infrastructure.
With this agreement, K-Sure aims to establish a cooperative relationship with the Slovak Export-Import Bank and enhance its financial support capabilities to enable domestic companies to participate in the European energy supply chain.
K-Sure President Jang Young-jin stated, "Slovakia is a key nuclear power country in Eastern Europe, presenting a market with high potential for our companies. We will continue to provide financial support to ensure that our companies with excellent technology can participate in the European energy supply chain."
* This article has been translated by AI.
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