The African Development Bank (AfDB) has pledged $500 million towards the development of a new mega airport in Ethiopia, in a landmark agreement aimed at transforming the country into one of the world’s leading aviation hubs by 2035.
The agreement, signed between Ethiopian Airlines Group Chief Commercial Officer Lemma Yadecha and AfDB President Akinwumi Adesina, appoints the AfDB as Mandated Lead Arranger. The bank will spearhead efforts to raise as much as $8 billion for the project’s construction.
“This world-class airport will serve as a vital gateway to progress and prosperity. More than a transport hub, it is a transformative project that will position Ethiopia among the world’s top 20 aviation hubs by 2035,” Ethiopian Finance Minister Ahmed Shide said.
The state-owned Ethiopian Airlines will provide 20% of the total funding for the $10 billion project.
The future Bishoftu International Airport, set to be located about 40 kilometres from Addis Ababa, will be built in two phases. Initially, it will handle 60 million passengers annually, with capacity increasing to 110 million upon completion. Authorities believe the project will double tourist inflow and rival major hubs in Dubai, Casablanca and Johannesburg.
The existing Addis Ababa Bole International Airport currently operates near its 25 million passenger capacity. The Bishoftu facility is scheduled for completion in 2029.
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