The institutions exchanged a non-binding Letter of Intent at Hyundai’s headquarters in Seoul on September 8, 2026, during an AfDB delegation visit.
The proposed partnership covers six areas: clean energy, sustainable mobility, transport and logistics infrastructure, electric vehicle value chains, industrial manufacturing and skills development.
AfDB Chief Economist and Vice-President for Economic Governance and Knowledge Management Professor Kevin Chika Urama met Hyundai Motor Group Vice-Chair Jaehoon Chang to discuss potential projects. “We see Hyundai Motor Group as a strategic partner in Africa’s economic transformation,” Urama said.
“We look forward to translating this intent into the joint preparation of projects that combine Hyundai’s and the AfDB’s respective track records.”
Potential projects could combine Africa’s critical minerals with local processing and electric vehicle manufacturing, allowing the continent to retain more value from resources used in clean technologies.
AfDB President Dr Sidi Ould Tah urged Korean companies to expand investment in African infrastructure, manufacturing, sustainable mobility and industrial value chains.
Ould Tah argued that local processing could shorten and diversify global supply chains, reduce disruption risks and create demand for Korean machinery and services.
Value addition was “not charity but a strategic investment in supply-chain security and long-term competitiveness”, Ould Tah said.
AfDB plans to support the proposed cooperation by identifying opportunities, structuring bankable projects, reducing investment risks and mobilising public and private financing. “This partnership marks the starting point of a long-term collaboration to support Africa’s energy transition and strengthen industrial competitiveness,” Chang said.
“Building an integrated financing package that links policy finance with private capital, while securing investment stability, is essential to enable the successful execution of our core African business initiatives.”
–AfDB/ChannelAfrica–
