Hyundai Motor Group is moving ahead with a 9 trillion won investment project in Saemangeum together with policy finance institutions. The policy finance institutions decided to establish a comprehensive financial support system by linking loans, investments, and guarantees.

Hyundai Motor Group and policy finance institutions, including the Korea Development Bank, Export-Import Bank of Korea, Industrial Bank of Korea, and Korea Credit Guarantee Fund (KODIT), held a "MOU signing ceremony for financial support and cooperation" on the 6th. This MOU is a follow-up to the "MOU for fostering advanced industries in robots and hydrogen in Saemangeum and creating an artificial intelligence (AI) hydrogen city" signed by the government and Hyundai Motor Group in Feb.

Chairperson Lee Eog-weon of the Financial Services Commission (center) poses for a commemorative photo with Hwang Ki-yeon, president of The Export-Import Bank of Korea (from left), Park Sang-jin, chairman of Korea Development Bank (KDB), Chang Jae-hoon, vice chair of Hyundai Motor, Jang Min-young, president of Industrial Bank of Korea (IBK), and Kang Seung-jun, chairperson of Korea Credit Guarantee Fund (KODIT), after the Hyundai Motor Group Saemangeum Project-related Hyundai Motor Group–policy finance institutions financial cooperation MOU ceremony at Korea Development Bank (KDB) in Yeouido, Yeongdeungpo-gu, Seoul, on the afternoon of the 6th. /Courtesy of News1

Earlier, Hyundai Motor Group said it would invest 9 trillion won to build an AI data center, solar power facilities, and a water electrolysis plant on a 340,000-pyeong (1,124,000㎡) site in the Saemangeum area.

Under this agreement, the Saemangeum project was confirmed as the first project of the recently formed "council of policy finance institutions." The council of policy finance institutions is a consultative body created for six institutions, including the Korea Development Bank and Industrial Bank of Korea, to jointly identify cooperative projects and provide policy finance.

The Export-Import Bank of Korea will provide overseas market information when exporting robots and the like, and will leverage its international network to help with global expansion. The Industrial Bank of Korea will cooperate to improve financial access for small and medium-sized enterprises and mid-sized companies related to robot and hydrogen parts.

Lee Eog-weon, chair of the Financial Services Commission, said, "It is an important starting point where policy finance institutions and industry come together as one team to redraw the map for future growth," and added, "In this process, the Public Growth Fund will also work to find ways to contribute as a pillar that connects private investment and policy finance."

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