Hyundai AutoEver wins $66 mn public safety contract in Angola

Hyundai AutoEver Corp., a software subsidiary of Hyundai Motor Group, secured consecutive contracts to build public safety systems in African countries.

Hyundai AutoEver announced on Sunday that it signed an 89 billion won ($66.34 million) contract with Angola to enhance public safety, with the project set to run over the next two years.

The initiative will involve constructing public safety infrastructure in Luanda, the capital, and surrounding areas.

Angola, located in southwestern Africa, is rich in natural resources such as oil, gas, diamonds, and iron ore, but suffers from underdeveloped public safety infrastructure.

In September last year, Hyundai AutoEver won a 105.4 billion won contract to build a public safety management system in Mozambique.

The company has secured contracts worth 200 billion won ($149 million) in Africa within the past year.

Both projects are funded through concessional loans from the Economic Development Cooperation Fund (EDCF), part of the Official Development Assistance (ODA) program.

The EDCF, managed by the Export-Import Bank of Korea (Eximbank), was established in 1987 to support the industrialization and economic development of developing countries.

Hyundai AutoEver began its EDCF loan projects with the construction of an electronic customs system in the Dominican Republic in 2008 and has since undertaken projects in countries including Bangladesh, Senegal, and Côte d'Ivoire.

Write to Jung-Eun Shin at newyearis@hankyung.com