Seoul: Hyundai Motor Group announced its collaboration with the African Development Bank (AfDB) to facilitate Africa's clean energy transition and sustainable development. This agreement was formalized through the signing of a letter of intent (LOI) by Hyundai Motor Group Vice Chairman Chang Jae-hoon and AfDB Vice President Kevin Chika Urama. The signing took place at Hyundai's headquarters in Seoul on Tuesday.

According to Yonhap News Agency, the partnership aims to leverage Hyundai Motor Group's expertise in mobility, energy, infrastructure, and industrialization, alongside AfDB's proficiency in development financing, investment attraction, and project development. This strategic alliance is expected to foster economic growth and industrialization across the African continent.

The signing of the LOI coincided with the visit of an AfDB delegation to Seoul for the eighth Korea-Africa Ministerial Conference on Economic Cooperation. As Africa's largest multilateral development finance institution, the AfDB plays a crucial role in supporting sustainable economic growth through various developmental initiatives.