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Eximbank and Hyundai Motor ink agreement

Bang Moon-kyu, Chairman and President of the Export-Import Bank of Korea, left, and Hyundai Motor CEO Chang Jae-hoon, at the bank’s headquarters in Yeouido, western Seoul, on Thursday. [YONHAP]

The Export-Import Bank of Korea signed a 3-trillion-won ($2.7 billion) program to help Hyundai Motor and its smaller partners develop the so-called future mobility industry.

By 2023, the state-run bank plans to offer 3 trillion won in loans, guarantees and direct investment in Hyundai Motor’s future mobility business and its partners. The money is meant to finance facilities inside and outside of Korea, research and mergers and acquisitions.

The bank said it wants to foster smaller companies to build “a sound ecosystem for the future mobility industry,” specifically electric and hydrogen vehicles.

The goal of the investment is to “occupy the overseas future mobility market,” according to the bank.

Bang Moon-kyu, Chairman and President of Korea Eximbank and Hyundai Motor CEO Chang Jae-hoon met at the bank’s headquarters in Yeouido, western Seoul, on Thursday for the agreement.

“Hyundai Motor has developed into a major carmaker since it independently manufactured the Pony in 1975,” said Bang after signing the agreement, vowing to play a role in helping Hyundai Motor “conquer the future market."

Hyundai's Chang said the program will help the company transform into a so-called smart mobility solution provider and establish a foundation for sustainable growth.

BY JIN MIN-JI [jin.minji@joongang.co.kr]