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Ethiopias mega airport project, estimated to cost $7.8bln, will increase annual passenger capacity from 17mln to over 60mln by 2040 Addis Ababa: Ethiopian Airlines and the African Development Bank (AfDB) have signed a partnership agreement to collaborate on the construction of Ethiopias 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 AfDBs comprehensive support to Ethiopias development, with a current investment portfolio of more than 1.2 billion U.S. dollars in key development sectors. Highlighting that the East African countrys ongoing macroeconomic reform efforts are critical to driving inclusive growth and building a robust economy, Shide acknowledged the AfDBs support for Ethiopias development. Commending the two sides partnership on Ethiopias Bishoftu International Airport Development Project, the finance minister also requested the banks support for the countrys macroeconomic reform agenda as well as other transformational projects. Ethiopias 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 Africas leading aviation group. The new hub is also expected to drive Ethiopias aspiration of becoming a major tourism destination, according to the ministry. For his part, Akinwumi Adesina, president of the AfDB, expressed the AfDBs 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 -- Ethiopias main international gateway and a primary transit hub for African travelers -- will soon reach its maximum capacity at the current pace of growth. |
