Hyundai Construction Signs MOU with Citibank for Global Business Expansion
President Yoon Young-jun of Hyundai Engineering & Construction (left) and Yoo Myung-soon, President of Citibank Korea, are posing for a commemorative photo after signing a business agreement.
View original image[Asia Economy Reporter Kangwook Cho] Hyundai Engineering & Construction has partnered with Citibank Korea to expand its global business.
According to Hyundai Engineering & Construction on the 4th, the two companies signed an MOU (Memorandum of Understanding) for "Global Business Expansion and ESG (Environmental, Social, and Governance) Value Implementation" at Hyundai Engineering & Construction's headquarters located in Gyedong, Jongno-gu, on the 24th of last month.
Last year, Hyundai Engineering & Construction successfully secured a massive financing contract for Panama Metro Line 3 through collaboration led by Citibank with Korea ECA and global banks. Subsequently, they actively entered new markets by jointly winning the civil engineering and architectural project for the new airport in Peru.
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A Hyundai Engineering & Construction official stated, "Hyundai Engineering & Construction's strategy to lead the ESG market in offshore wind power and hydrogen liquefaction and Citibank's policy to expand ESG finance will create a synergy effect," adding, "We will create success stories for overseas projects like the Panama Line 3 contract by utilizing the financial solutions provided by Citibank."
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