Latest news with #NnennaNwabufo
Zawya
27-03-2025
- Business
- Zawya
Ethiopian Airlines, AfDB seek to partner on new $7.8bln airport
Ethiopian Airlines and the African Development Bank (AfDB) have signed a letter of intent (LOI) to finance the construction of a multibillion-dollar airport in Abusera, 40 kilometres south of Addis Ababa. The project aims to solidify Ethiopian Airlines' status as Africa's largest carrier, while reinforcing Addis Ababa's position as a key aviation hub. The new Abusera International Airport, estimated to cost $7.8 billion, is expected to reduce congestion at Bole International Airport, which is nearing its annual capacity of 25 million passengers. Ethiopia last year signed an agreement with Dubai-based engineering and consulting firm Sidara to design the new four-runway airport, which will have a capacity of 100 million passengers a year and parking for 270 aircraft. Read: Ethiopian Airlines signs deal for design of 'biggest airport in Africa'The project is also seen as a driver of regional economic growth and a crucial step in the airline's ambitious 2035 strategy, which focuses on network expansion, infrastructure development and investment in human capital. The letter of intent was signed in Abidjan on March 14 by Ethiopian Airlines CEO Mesfin Tasew Bekele and AfDB Vice President for Regional Development, Integration, and Business Delivery Nnenna Nwabufo. The LOI is often a non-binding document that outlines the understanding between two or more parties with the intention of formalising it into legally binding agreement. The document, which is equivalent to a memorandum of understanding (MoU), is often written to initiate a business transaction and helps to define expectations with customers, partners and vendors prior to a binding agreement.'Today's signing of the Letter of Intent for the new mega airport development project is yet another testament to AfDB's commitment to supporting Ethiopia's ambitious flagship air transport project that will not only reinforce Ethiopian Airlines' competitive edge in passenger and cargo services, but also enhance Africa's global air connectivity and integration, solidifying the continent's aviation hub status,' Ethiopian Finance minister Ahmed Shide said. The AfDB said it views regional transport as critical to enhancing trade and mobility across Africa and has identified it as a key pillar of its regional integration agenda, alongside food and energy security and a transition to cleaner energy.'The African Development Bank is fully committed to supporting this transformative flagship project, which will strengthen the continent's aviation leadership and economic integration,' said Akinwumi Adesina, President of the AfDB. Located in Bishoftu, the airport will complement Bole and bolster Ethiopian Airlines' ability to expand its intra-Africa network and global reach. Ethiopian Airlines reported a record revenue of $7.02 billion in the last fiscal year ending June 30, 2024, a 14 percent increase over the previous year. The airline transported 17.1 million passengers, with 13.4 million on international routes and 3.7 million domestically. © Copyright 2022 Nation Media Group. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
25-03-2025
- Business
- Zawya
Ethiopian Airlines Group and African Development Bank sign Letter of Intent for financing of world-class Abusera International Airport
The African Development Bank ( and Ethiopian Airlines Group have signed a Letter of Intent for the development of the East African nation's planned Abusera International Airport Project. The $7.8 billion project aims to address increasing passenger and cargo demands, reinforce Ethiopia's position as a leading aviation hub, and stimulate regional economic growth. Chief Executive Officer of Ethiopian Airlines Group Mesfin Tasew Bekele signed the Letter of Intent with African Development Bank Vice President for Regional Development, Integration and Business Delivery, Nnenna Nwabufo, at the Bank's headquarters in Abidjan on Friday, 14 March. Bekele was part of the Ethiopian delegation led by Finance Minister Ahmed Shide. Other members were Adamu Tadele, CFO for Ethiopian Airlines Group; Tiguist Fisseha, Senior Advisor to the Finance Minister; Abraham Tesfaye, Infrastructure Director for Ethiopian Airlines Group; and Berhanu Anbessa, Head of IFIs at the Ethiopian Ministry of Finance. The new world-class international airport will be situated in Bishoftu, about 40 km from the current Addis-Ababa Bole International Airport. Multinational transportation is key to improving interconnectedness and free movement between countries and contributes to regional integration, one of the Bank's High Five priorities. The new Abusera International Airport will complement Ethiopia's recently expanded Bole International Airport, which is expected to reach its annual 25 million passenger capacity limit soon. The new infrastructure will enhance Ethiopian Airlines' role in improving intra-Africa connectivity by enabling a more extensive and efficient network, and strengthening connectivity between Africa and the rest of the world. At a meeting with the delegation, the President of the African Development Bank Group, Dr. Akinwumi Adesina, said, 'I'm a great friend of Ethiopia, and of course, Ethiopian Airlines is Africa's pride, a symbol of excellence and resilience. The African Development Bank is fully committed to supporting this transformative flagship project, which will strengthen the continent's aviation leadership and economic integration.' 'Today's signing of the Letter of Intent for the new mega airport development project is yet another testament to AfDB's commitment to supporting Ethiopia's ambitious flagship air transport project that will not only reinforce Ethiopian Airlines' competitive edge in passenger and cargo services, but also enhance Africa's global air connectivity and integration, solidifying the continent's aviation hub status,' said Finance Minister Shide. Ethiopian Airlines Group, Africa's largest and most successful airline, is advancing its ambitious 2035 growth strategy, which emphasizes network expansion, infrastructure development, and human capital investment to enhance its global competitiveness. In the last fiscal year, ending on 30 June 2024, the airline reported record revenues of $7.02 billion (over 402 billion Ethiopian Birr), reflecting a 14% year-on-year increase. It transported 17.1 million passengers, with 13.4 million on international routes and 3.7 million domestically. Distributed by APO Group on behalf of African Development Bank Group (AfDB).
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
Zawya
19-02-2025
- Business
- Zawya
African ministers hold strategic dialogue on visa-free movement to propel regional integration agenda for Africa's Transformation
On the sidelines of the 38th African Union Summit, African leaders discussed obstacles to the continent's economic integration, underscoring visa-free movement to reduce illegal migration and strengthen official travel channels. The high-level dialogue, convened by the African Development Bank Group and the African Union Commission alongside the AU Summit, brought together trade ministers and business leaders who pointed to Rwanda's experience as evidence that open borders enhance, rather than compromise, security. African Development Bank Group Vice President for Regional Development, Integration and Business Delivery Nnenna Nwabufo expressed the Bank's continued commitment to supporting the acceleration of visa-free movement across the continent. "We do it for its promise to transform Africa and to create prosperity," she noted. "In fact, the goals of our new Ten‑Year Strategy (2024–2033) are designed around seizing Africa's opportunities for a prosperous, inclusive, resilient, and integrated continent.' In his keynote address, Albert Muchanga, Commissioner for Economic Development, Trade, Tourism, Industry and Minerals at the African Union Commission, outlined four priority areas to open up the continent. They include liberalizing the movement of categories of people critical for trade in goods and services, implementing the Strategic Framework on Key Actions to Achieve Inclusive Growth and Sustainable Development in Africa, advancing to the next stage of African economic integration, particularly the African Common market, as envisaged under the 1991 Abuja Treaty, and establishing the appropriate facilitation measures, whether soft or hard infrastructure, to facilitate free movement of persons. Commissioner Muchanga stressed the need to make more progress on some continental projects, such as the trans-African highways (Cairo to Cape and Dakar to Mombasa), to facilitate free movement of persons. Presenting the 'State of play in visa-free movement in Africa,' which featured findings from the latest edition of the AfricaVisa Openness Index, AVOI, Principal Regional Integration Coordinator at the African Development Bank's Regional Integration Coordination Office, Ometere Omoluabi-Davies, highlighted the progress made by some countries regarding opening up their borders for Africans. The presentation reported that 39 African countries have improved their scores since 2016, indicating that visa openness across Africa is at its highest level since the inception of the index. Despite this inspiring trajectory, it was observed that there is still much room for progress to facilitate the unrestricted mobility of Africans within the continent. Rwanda Minister of Trade and Industry Prudence Sebahizi shared his country's experience and economic gains from implementing a visa-free regime. 'Rwanda does not agree with the usual excuse of security threats that accompany visa-free discussions because what is important is to invest in the systems, security, governance, monitoring,' he declared. 'In the end, people who travel for tourism and business will always use the official channels such as the borders and airports. This means the policy itself cannot contribute to security concerns but rather solve the issue of smuggling and illegal migration.' The event featured roundtable discussions in which Africa's policymakers and business leaders shared insights on implementing visa-free movement across the continent. With a resounding call to action, African Union's Youth Envoy, Chido Mpemba, emphasized that the interconnectedness of young people through social media and the internet enables experience sharing and cross-border collaboration. She noted that this was critical for building the social and cultural integration needed to create a shared African identity. The session concluded with a joint announcement of the 2025 Visa-Free Roadshow by Dr. Joy Kategekwa, Director of the Regional Integration Coordination Office of the African Development Bank Group, and Dr. Sabelo Mbokazi, Head of Employment, Labor and Migration Division of the African Union Commission. This roadshow aims to sustain advocacy and mobilize action for visa openness and free movement within Africa's broader regional integration agenda to deliver better results for all Africans. Distributed by APO Group on behalf of African Development Bank Group (AfDB). Contact: Betty Baisiwa Dowuona-Hammond Communication and External Relations Department media@ About the African Development Bank Group: The African Development Bank Group is Africa's premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 41 African countries with an external office in Japan, the Bank contributes to the economic development and the social progress of its 54 regional member states. For more information:
Zawya
17-02-2025
- Business
- Zawya
African Development Bank: New report highlights Africa's strengthening economic growth amid global challenges
Growth rates above 5 percent expected in close to half of the continent's countries in 2025; 12 of world's 20 fastest growing economies will be African Africa's economic performance is showing signs of improvement but remains vulnerable to global shocks, according to the 2025 Macroeconomic Performance and Outlook (MEO) report released by the African Development Bank ( on Friday. The report, unveiled on the sidelines of the 38th Ordinary Session of the African Union Assembly in Addis Ababa, projects real GDP growth to accelerate to 4.1 percent in 2025 and 4.4 percent in 2026. The forecast is attributed to economic reforms, declining inflation, and improved fiscal and debt positions. Despite the positive trajectory, the report highlights that Africa's growth remains below the 7 percent threshold required for substantial poverty reduction. The continent also continues to grapple with geopolitical tensions, structural weaknesses, climate-related disasters, and prolonged conflicts in regions such as the Sahel and the Horn of Africa. It estimated Africa's average real GDP growth to be 3.2 percent in 2024, slightly higher than the 3.0 percent recorded in 2023. The report notes that while inflationary pressures persist, Africa's average inflation rate is expected to decline from 18.6 percent in 2024 to 12.6 percent in 2025-2026 due to tighter monetary policies. Fiscal deficits have widened slightly from 4.4 percent of GDP in 2023 to 4.6 percent in 2024 but are projected to narrow to 4.1 percent by 2025-2026. Public debt levels have stabilized but remain above pre-pandemic levels, with nine countries in debt distress and eleven at high risk of distress. The MEO, published by the Bank biannually in the first and fourth quarters, responds to a critical need for timely economic data amid global uncertainty. It serves policymakers, development partners, global investors, researchers, and other stakeholders. The 2025 report identifies 24 African nations, including Djibouti, Niger, Rwanda, Senegal, and South Sudan, as poised to exceed 5 percent GDP growth in 2025. Additionally, Africa remains the world's second-fastest-growing region after Asia, with 12 of the 20 fastest-growing economies projected to be on the continent. Ethiopia's Finance Minister, Ato Ahmed Shide, praised the report's depth of analysis. 'It underscores the fragility of Africa's economic growth, which is projected to hover around 4 percent in the near term,' he said, emphasizing the need for proactive policy measures to sustain growth and stability. He said Ethiopia has taken bold steps to restore macroeconomic stability, build resilience, and accelerate growth, with the government prioritizing economic liberalization, private sector empowerment, and fiscal discipline. Strengthening Africa's Resilience In her remarks at the report's launch, Nnenna Nwabufo, Vice President for Regional Development, Integration, and Business Delivery at the African Development Bank, highlighted the continent's potential for driving global economic expansion but said achieving this requires decisive and well-coordinated policies. 'As Africa navigates an increasingly complex economic landscape, policymakers must adopt a forward-looking approach to reinforce resilience and drive sustainable growth. Africa's economic resilience and growth prospects remain strong, but challenges persist,' said Nwabufo, who represented the Bank Group's President, Dr. Akinwumi Adesina. Presenting the report, Prof. Kevin Urama, the Bank Group's Chief Economist and Vice President for Economic Governance&Knowledge Management, underscored the need for stronger coordination between monetary and fiscal policies to manage inflation while fostering economic expansion. He urged countries to strengthen foreign reserves to shield economies from external shocks and currency depreciations, alongside pre-emptive debt restructuring to prevent defaults and enhance financial stability. Medium- to long-term strategies should include increasing investments in integrated infrastructure to drive economic transformation and diversification. Governments must work to enhance the business environment through regulatory reforms and long-term strategies to attract private investment, Urama said. The 2025 MEO report outlines key policy recommendations, including implementing pre-emptive debt restructuring to enhance financial stability, investing in integrated infrastructure to support economic diversification and improving the business environment through regulatory reforms and investment strategies. Path Forward Panel discussions following the report's launch underscored the importance of fully implementing continental development initiatives such as the African Continental Free Trade Area agreement. Discussions also focused on accelerating new initiatives like the proposed Africa Credit Rating Agency and the African Financial Stability Mechanism. The panel, moderated by Dr Victor Oladokun, Senior Advisor (Communications and Stakeholder Engagement) to the Bank Group President, included contributions from the African Risk Capacity Group, represented by its chair, Dr. Mothae Maruping. Gambian Finance Minister Seedy Keita highlighted the African Development Bank's support in implementing the country's fiscal reforms and domestic revenue mobilization. African Union Trade Commissioner Albert Muchanga called on the private sector to do more to support the African Continental Free Trade Area, including through increased investments in logistics and manufacturing. 'What I would expect [African businesses] to do is come up with logistics centers and warehouses across Africa; I would also expect the African private sector to start planning to develop an African shipping line... We are sitting on potential; the business sector has not responded,' Muchanga said. Click here ( for the 2025 MEO report. Distributed by APO Group on behalf of African Development Bank Group (AfDB).
