Hyundai Motor Group to Build Eco-Friendly Mobility and Infrastructure in Africa through AfDB Partnership

Cooperation in Six Areas Including Clean Energy Transition and Transportation Infrastructure

Hyundai Motor Group announced on September 9 that it had signed a Letter of Intent (LOI) with the African Development Bank (AfDB) at its Yangjae headquarters in Seocho-gu, Seoul on September 8. The LOI aims to promote cooperation for desirable future growth, including Africa’s industrialization, the establishment of transportation infrastructure, and the transition to clean energy.

Jaehoon Chang, Vice Chairman of Hyundai Motor Group (right), is taking a commemorative photo with Kevin Chika Urama, Chief Economist and Vice President of the African Development Bank (left), at the signing ceremony of the Letter of Intent (LOI) for Cooperation on Africa's Energy Transition and Sustainable Development held on the 8th at Hyundai Motor Group Yangjae Headquarters in Seocho-gu, Seoul. Hyundai Motor Group

The signing ceremony was attended by Jaehoon Chang, Vice Chairman of Hyundai Motor Group; Woojung Joo, President of Hyundai Engineering; Hyungjin Chung, President of Hyundai Capital; Heungsu Kim, Executive Vice President of Hyundai Motor·Kia GSO; Ilbeom Kim, Executive Vice President of CNO; and Ted Shin, Managing Director of HMG Management Research Institute, along with other executives in charge of Africa-related businesses within Hyundai Motor Group. Representing AfDB, the delegation included Kevin Chika Urama, Chief Economist and Vice President, as well as Max Magor Ndiaye, Director of Blended Finance, Syndication & Client Solutions, attending on behalf of President Akinwumi Adesina.

The two sides plan to leverage Hyundai Motor Group’s expertise in mobility, energy, infrastructure, and industrialization, along with AfDB’s competencies in development finance, attracting investment, and project development. They aim to identify high-potential projects and growth opportunities in Africa, further specifying areas and methods of cooperation by sector.

The areas of cooperation identified are: ▲ transition to clean energy through renewable resources, including green hydrogen; ▲ establishment of sustainable mobility solutions throughout Africa; ▲ development of transportation and logistics infrastructure such as roads, railways, and ports; ▲ building an electric vehicle value chain utilizing critical mineral resources; ▲ strengthening of industrialization and manufacturing capabilities; and ▲ cultivating talent for the future development of Africa’s mobility and energy industries—a total of six key areas.

After the signing, the AfDB delegation shared perspectives with Hyundai Motor Group on Africa’s development finance landscape and major industrial challenges, discussing medium- to long-term cooperation strategies. The group then took a tour of the Yangjae headquarters’ lobby, observing demonstrations of the irrigation robot, security robot, delivery robot, and the MobED (Mobile Eccentric Droid), thereby experiencing Hyundai Motor Group’s future mobility technologies firsthand.

Jaehoon Chang, Vice Chairman of Hyundai Motor Group, said, “This is the starting point for a long-term partnership to facilitate Africa’s energy transition and boost industrial competitiveness. Building an integrated finance package that combines policy finance with private capital and ensures investment stability is essential for the stable implementation and successful commercialization of Africa’s core projects. To that end, Hyundai Motor Group will continue to expand cooperation with the African Development Bank.”

Kevin Chika Urama, Vice President of the African Development Bank, stated, “The experience accumulated, technologies developed, and future vision held by Hyundai Motor Group are in strong alignment with AfDB’s ambition to turn Africa’s potential into shared prosperity. For these reasons, Hyundai Motor Group is an important strategic partner for AfDB.”

This content was produced with the assistance of AI translation services.