Latest news with #BishoftuInternationalAirportDevelopmentProject
Business Insider
6 days ago
- Business
- Business Insider
AfDB to lead $7.8 billion funding effort for Africa's largest airport in Ethiopia
The African Development Bank (AfDB) will spearhead efforts to raise $7.8 billion for the construction of a new international airport in Ethiopia, the lender announced. The African Development Bank will lead efforts to raise $7.8 billion for a new international airport in Ethiopia. The Bishoftu International Airport Development Project is scheduled for completion in 2029. This airport will be capable of accommodating up to 100 million passengers annually and will be the largest in Africa. The African Development Bank (AfDB) will spearhead efforts to raise $7.8 billion for the construction of a new international airport in Ethiopia, the lender announced. In March, both parties signed a memorandum of understanding concerning the Bishoftu International Airport Development Project. Scheduled for completion in 2029, the facility is set to become the largest airport in Africa, with the capacity to accommodate up to 100 million passengers annually, according to Reuters. Boosting Ethiopia's aviation status The project is expected to significantly boost Ethiopia's role as a continental aviation hub, building on the growth of its flagship carrier, Ethiopian Airlines. "The appointment of the African Development Bank as lead arranger reflects its catalytic role in advancing strategic infrastructure across the continent and its proven leadership in structuring complex transactions," the bank said in a statement late on Thursday. Ethiopian Airlines has signed an agreement to design a new four-runway airport near Bishoftu, about 45 km (28 miles) southeast of Addis Ababa. Chief Executive Officer Mesfin Tasew, presenting the carrier's financial results on Tuesday, said the project will cost $10 billion, with the airline covering 20% and the balance coming from creditors. Tasew has previously warned that Bole International Airport, the airline's main hub, is nearing its annual capacity of 25 million passengers. Sidara, a Dubai-based engineering and consulting firm, has been commissioned to design the new airport, according to the company's head of operations, Tariq Al Qanni.
Zawya
17-03-2025
- Business
- Zawya
Ethiopia, AfDB sign accord to cooperate on Ethiopia's new mega airport
Addis Ababa: Ethiopian Airlines and the African Development Bank (AfDB) have signed a partnership agreement to collaborate on the construction of Ethiopia's new mega international airport, according to the Ethiopian Ministry of Finance. The partnership accord was signed on Friday by Mesfin Tasew, chief executive officer of Ethiopian Airlines Group, and Nnenna Nwabufo, vice president for regional development, integration and business delivery at the AfDB, the ministry said in a statement issued on Saturday. During the letter of intent signing ceremony, Ethiopian Finance Minister Ahmed Shide appreciated the AfDB's "comprehensive support" to Ethiopia's development, with a current investment portfolio of more than 1.2 billion U.S. dollars in key development sectors. Highlighting that the East African country's ongoing macroeconomic reform efforts are critical to driving inclusive growth and building a robust economy, Shide acknowledged the AfDB's support for Ethiopia's development. Commending the two sides' partnership on Ethiopia's Bishoftu International Airport Development Project, the finance minister also requested the bank's support for the country's macroeconomic reform agenda as well as other transformational projects. Ethiopia's mega airport project, estimated to cost 7.8 billion dollars, will increase annual passenger capacity from 17 million to over 60 million by 2040, reinforcing Ethiopian Airlines' position as Africa's leading aviation group. The new hub is also expected to drive Ethiopia's aspiration of becoming a major tourism destination, according to the ministry. For his part, Akinwumi Adesina, president of the AfDB, expressed the AfDB's "full commitment" to supporting the new airport project as a continental flagship project. The two sides also agreed to deepen the "existing strong partnership" through strategic and innovative engagements that benefit all Ethiopians and the region at large. According to the Ethiopian government, the new airport project, spearheaded by the national carrier Ethiopian Airlines, is expected to address the fast-growing international and domestic demand for passenger and cargo services, as the Addis Ababa Bole International Airport -- Ethiopia's main international gateway and a primary transit hub for African travelers -- will soon reach its maximum capacity at the current pace of growth. © Dar Al Sharq Press, Printing and Distribution. All Rights Reserved. Provided by SyndiGate Media Inc. ( The Peninsula Newspaper
