By Samuel Ouma
The African Development Bank (AfDB) has pledged to raise $8 billion in debt financing for the construction of Ethiopia’s new Bishoftu International Airport, a groundbreaking project that aims to transform Africa’s aviation scene.
This exciting announcement was made in Addis Ababa during a signing ceremony, where AfDB President and Chairman of the Board of Directors, Dr. Akinwumi A. Adesina, described the development as a “game changer” for both African and global air travel.
This ambitious $10 billion mega-project will unfold in two phases. The first phase is set to accommodate 60 million passengers each year, while the second phase will boost that capacity to 110 million.
Additionally, the airport will handle 3.7 million tons of cargo and provide parking for 270 aircraft, allowing Ethiopian Airlines to reduce fuel consumption by 15%.
“The speed and scale of Ethiopia’s transformation under the visionary leadership of Prime Minister Abiy Ahmed is truly impressive,” Dr. Adesina remarked.
“The Bishoftu International Airport stands as a testament to the power of vision, determination, and the commitment to elevate Africa,” he added.
The AfDB will directly contribute up to $500 million, with the rest being raised through its roles as Mandated Lead Arranger, Global Coordinator, and Book Runner. Dr. Adesina highlighted the Bank’s leadership in infrastructure, noting that during his tenure, the AfDB has financed over $55 billion in infrastructure projects across Africa in the last decade.
Ethiopian Airlines, the oldest and most celebrated airline in Africa, achieved an impressive $7.2 billion in revenue for 2024, marking a 14% increase from the previous year.
Passenger numbers also soared by 24%, reaching a total of 19 million. The airline is set to expand its fleet with the addition of 114 new aircraft, bringing its total to 240 planes.
Dr. Adesina took a moment to commend Ethiopian Airlines’ CEO, Mesfin Tasew Bekele, along with the Board and staff, for their outstanding performance. He also acknowledged the swift actions taken by Ethiopia to relocate and compensate the 2,800 households impacted by the project.
The ceremony saw the presence of Ethiopia’s Minister of Finance, Ahmed Shide; Ethiopian Airlines Group Chairman H.E. Lieutenant General Yilma Merdassa; senior government officials; AfDB Vice Presidents; and various media representatives.
During his final official visit to Ethiopia as AfDB President, Dr. Adesina expressed his heartfelt gratitude to the Ethiopian government and AfDB staff for their unwavering support.
He added with enthusiasm, “I can’t wait to fly Ethiopian Airlines and land at Bishoftu International Airport in a few years. What a fantastic day that will be!”
