South Korea and AfDB to provide US$600m on energy projects in Africa

AFRICA – The African Development Bank (AfDB) has signed an agreement with the Korean Ministry of Economy and Finance and the Export-Import Bank of Korea, under which Korea will provide US$600 million in co-financing for energy projects alongside the Bank. The Korea-Africa Energy Investment Framework (KAEIF) pact follows the signing on 28 May 2021 of a General Cooperation Agreement between the Bank and the South Korean government. The KAEIF has a particular focus on renewable energy solutions in Africa, including generation, transmission, distribution, off-grid- and mini-grid, policy and regulatory reform,…

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South Korea’s KEPCO cancels coal plant investment in South Africa

SOUTH AFRICA – South Korea’s majority state-owned utility Korea Electric Power Corporation (KEPCO) plans to cancel or convert to LNG two remaining overseas coal power projects in its pipeline including the 630MW Thabametsi plant in South Africa and the 1,000MW Sual 2 project in the Philippines. According to a media statement from Solutions for Our Climate, a Seoul-based non-governmental organisation, KEPCO CEO Kim Jong-gap revealed the news during an annual governmental audit hearing by the Korean National Assembly. Kim Jong-gap further underlined that the company has “no plans to pursue…

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Hyundai Motor Group enters race to develop self-driving cars with a US$35 billion investment in future automotive tech

KOREA – Hyundai Motor Group, South Korea’s top automaker has revealed its plans to invest US$34.65 billion (41 trillion won) in mobility technology and strategic investments by 2025. The investment will enable the automaker to accelerate its attempts to catch up in the self-driving car race that already has major car manufacturers like Volkswagen, General Motors, BMW and Toyota. The plan, which Hyundai said encompassed autonomous, connected and electric vehicles, comes after the company and two of its affiliates announced an investment of $1.6 billion in a joint venture with…

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