Partner to accelerate sustainable development across Africa
Hyundai Motor Group (the Group) signed a Letter of Intent (LOI) with the African Development Bank (AfDB) at its headquarters in Seoul, to support Africa’s industrial development and sustainable growth.
The agreement integrates the Group’s operational and technological capabilities in mobility, energy and infrastructure with AfDB’s development financing and business development services.
The LOI ceremony was attended by Jaehoon Chang, Vice Chair, Hyundai Motor Group, along with Woo Jeong Joo, President, Hyundai Engineering; Hyung-Jin Chung, President, Hyundai Capital; Heung Soo Kim, Head of Global Strategy Office, Hyundai Motor Group; Ilbum Kim, Head of Chief Networking Office, and Yongseok Shin, Head of HMG Business Intelligent Institute.
AfDB’s delegation was led by Kevin Chika Urama, Chief Economist and Vice President for Economic Governance & Knowledge Management, representing Dr. Sidi Ould Tah, President of the African Development Bank Group, alongside Max Magor Ndiaye, Senior Director of Syndications, Co-financing and Client Solutions.
Long term collaboration
“This partnership marks the starting point of a long-term collaboration to support Africa’s energy transition and strengthen industrial competitiveness. Establishing the Blended Finance Package that links policy financing with private capital while securing investment stability is essential to enable the successful execution of our core African business initiatives. We will continue to expand our cooperation with the African Development Bank,” aasserted Jaehoon Chang.
The African Development Bank (AfDB) is a multilateral development financing institution that supports sustainable economic development and industrial sector development through development financing, investment mobilization, and business development capabilities.
“We acknowledge Hyundai as a strategic partner whose experience, technological capabilities, and long-term vision are closely aligned with the African Development Bank’s vision of unlocking Africa’s potential and transforming it into a continent of prosperity for all,” asserted Kevin Chika Urama, Chief Economist and Vice President for Economic Governance & Knowledge Management.
