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Ethiopian Airlines Group Chief Commercial Officer Lemma Yadecha and AfDB President Akinwumi Adesina have signed an agreement appointing the AfDB as Mandated Lead Arranger.
The new airport being set up 40 km away from the Ethiopian capital, Addis Ababa, apart from making the country a travel hub, will boost tourism. African Development Bank (AfDB) has agreed to contribute USD 500 million to support the development of a new mega airport in Ethiopia.
Ethiopian Airlines Group Chief Commercial Officer Lemma Yadecha and AfDB President Akinwumi Adesina have signed an agreement appointing the AfDB as Mandated Lead Arranger. The bank will lead efforts to raise USD 8 billion for the building’s construction. The new travel hub is expected to become Africa’s largest airport and will become operational by 2029.
State-owned company Ethiopian Airlines will also contribute 20% of the project’s total funding, which is projected to reach USD 10 billion. Ethiopia’s existing Addis Ababa Bole International Airport can manage up to 25 million passengers, but it is now operating at near capacity.
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Authorities hope the future Bishoftu International Airport will double the country’s tourist inflow, and compete with rivals in Dubai, Casablanca, and Johannesburg. The hub will be located about 40 kilometres away from the capital and should be built in two phases. It should first handle 60 million passengers annually, a number that should rise to 110 million passengers at full capacity.
