The African Development Bank (AfDB) has announced its commitment as a lead financier in mobilizing $7.8 billion for the construction of a new airport in Ethiopia. This ambitious project, supported by the outgoing president of the Bank, Akinwumi Adesina, aims to provide the country with the largest airport in Africa by 2029, with an estimated annual capacity of 100 million passengers. In a statement released on Thursday evening, the AfDB emphasized that its designation as the lead on this project reflects its catalytic role in developing strategic infrastructure on a continental scale and its proven ability to structure complex transactions.
The future airport will be located near the city of Bishoftu, about 45 kilometers southeast of Addis Ababa. An agreement has been signed between the Ethiopian government, through Ethiopian Airlines – the national carrier and main beneficiary of the project – and the authorities responsible for designing a four-runway airport platform. According to Ethiopian Airlines CEO Mesfin Tasew, who spoke on Tuesday during the company’s financial results presentation, the total cost of the project is estimated at $10 billion. The Ethiopian government, through Ethiopian Airlines, will provide 20%, while the rest will be financed by creditor partners.
The project is part of the anticipated growth in air traffic in Ethiopia. The Bole International Airport in Addis Ababa, the current main hub of the airline, is already approaching its maximum capacity of 25 million passengers per year. An official signing ceremony is scheduled for Monday in Addis Ababa, in the presence of AfDB President Akinwumi Adesina and Ethiopian Prime Minister Abiy Ahmed.
