Hyundai Motor, AfDB agree to cooperate on Africa's energy transition, sustainable development

Hyundai Motor-Africa

▲ Hyundai Motor Group Vice Chairman Chang Jae-hoon (R) and AfDB Vice President Kevin Chika Urama pose for a photo after signing a letter of intent on Africa's energy transition and sustainable development at the automotive group's headquarters in Seoul on Sept. 8, 2026, in this photo provided by the company. (PHOTO NOT FOR SALE) (Yonhap)

SEOUL, Sept. 9 (Yonhap) -- Hyundai Motor Group said Wednesday it has signed an agreement with the African Development Bank (AfDB) to cooperate in Africa's clean energy transition and sustainable development.

Hyundai Motor Group Vice Chairman Chang Jae-hoon and AfDB Vice President Kevin Chika Urama signed a letter of intent (LOI) at the automotive group's headquarters in Seoul on Tuesday, according to the company.

Under the LOI, the two sides plan to combine Hyundai Motor Group's technological and business capabilities in mobility, energy, infrastructure and industrialization with the AfDB's expertise in development financing, investment attraction and project development.

The signing came during an AfDB delegation's visit to Seoul for the eighth Korea-Africa Ministerial Conference on Economic Cooperation.

The AfDB is Africa's largest multilateral development finance institution, supporting sustainable economic growth and industrialization through development financing, investment attraction and project development.

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