Hyundai Motor Chairman Announces Plans to Provide Financial Aid,
Educational Programs to Students, Using Personal Donations
Chung Mong-Koo, Chairman and CEO of Hyundai Motor Company, South Korea’s largest automaker, announced a comprehensive plan to provide financial, medical and educational aid to underprivileged students in Korea, using personal donations.
The plan, which will officially launch early next year, is expected to directly benefit about 84,000 students over an initial period of five years. The plan includes a wide variety of programs affecting elementary school to university students, to create equal educational and social opportunities for low-income families.
The programs will be run by the `Hyundai Motor Chung Mong-Koo Foundation,’ previously known as the `Haevichi Social Contribution Culture Foundation.’ The foundation, which was founded in 2007 with the Chairman’s donations, was established to realize Chairman Chung’s personal social responsibility goals.
Chairman Chung has so far made a donation of 650 billion won (approx. US$580 million*) to the foundation since its establishment. The Foundation is striving to appoint experts from many related sectors to operate fair and effective projects. * Based on Dec. 2 currency exchange rates.
Some highlights of the planned programs include:
Providing low-interest loans to university students
Providing special educational programs to elementary schools in rural areas
Providing scholarships to middle and high school students from low-income families who are victims of traffic-related accidents
Providing financial aid and consulting to young adults interested in setting up their own business
Providing medical aid to children from low-income families or underprivileged areas