- Hyundai Motor Group and AfDB signing Letter of Intent for long-term strategic collaboration
- Partnership combining Hyundai Motor Group’s business capabilities with AfDB’s development financing to unlock tangible growth opportunities across Africa
- Collaboration across six areas including clean energy transition, transport infrastructure and EV value chain development
- Foundation for long-term partnership supporting Africa’s energy transition, industrial capacity building, and competitiveness
Dubai United Arab Emirates, September 14, 2026 – 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 of Hyundai Motor Group, along with Woo Jeong Joo, President of Hyundai Engineering Co., Ltd, Hyung-Jin Chung, President of Hyundai Capital, Heung Soo Kim, Head of Global Strategy Office at 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.
“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” – Jaehoon Chang, Vice Chair of Hyundai Motor Group
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.” – Kevin Chika Urama, Chief Economist and Vice President for Economic Governance & Knowledge Management
What are the core collaboration areas?
- Both organizations have identified six key strategic areas for medium to long-term cooperation:
- Clean Energy Transition – Including green hydrogen development initiatives
- Sustainable Mobility Solutions Development – Building localized sustainable mobility solutions across Africa
- Transport and Logistics Infrastructure Development – Developing road, railway, and port infrastructure projects
- Electric Vehicle (EV) Value Chain Development – Building comprehensive EV value chains leveraging critical minerals across Africa
- Industrial Capacity and Manufacturing Enhancement – Strengthening local manufacturing capabilities and industrial competitiveness
- Talent Development – Building foundations for Africa’s future mobility and energy industries
Both organizations recognize that unlocking Africa’s growth potential requires combining Hyundai Motor Group’s technical expertise with AfDB’s development financing capabilities, creating a framework where private sector innovation meets multilateral development resources.
How will both organizations work together?
The Group and AfDB will combine their respective strengths:
- Hyundai Motor Group – Operational and technological expertise in mobility, energy, infrastructure, and industrial sector development
- African Development Bank – Development financing and investment mobilization capabilities
Together, they will identify concrete investment initiatives and establish clear implementation frameworks by sector, creating investment structures that reduce risk and accelerate project execution.
How did the two organizations demonstrate their shared vision?
Following the agreement ceremony, the parties engaged in detailed discussions on Africa’s development financing environment and key industrial challenges. Both parties exchanged insights on sectoral priorities and outlined medium to long-term cooperation strategies.
The AfDB delegation also toured Hyundai Motor Group’s Yangjaе headquarters, where they observed live demonstrations of the Group’s future mobility and robotics technologies, such as Robotics LAB Security X Spot and DAL-e robots.
These demonstrations illustrated Hyundai Motor Group’s innovation leadership in robotics and autonomous systems, providing insight into how the Group is pioneering integrated ecosystems where technology enhances human experience and drives sustainable industrial development.
About Hyundai Motor Group
Hyundai Motor Group is a global enterprise that has created a value chain based on mobility, steel, and construction, as well as logistics, finance, IT, and service. With about 250,000 employees worldwide, the Group’s mobility brands include Hyundai, Kia, and Genesis. Armed with creative thinking, cooperative communication, and the will to take on any challenges, we strive to create a better future for all.
More information about Hyundai Motor Group can be found at: http://www.hyundaimotorgroup.com or Newsroom: Media Hub by Hyundai, Kia Global Newsroom, Genesis Newsroom