-The $7.8 billion project aims to address increasing passenger and cargo demands, reinforce Ethiopia’s position as a leading aviation hub, and stimulate regional economic growth.
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The African Development Bank (afdb) and Ethiopian Airlines Group have signed a Letter of Intent for the development of the East African nation’s planned ‘Abusera’ International Airport Project.
According to a media statement from Amba.Mpoke-Bigg of the afdb’s Communication and External Relations Department, the $7.8 billion project aims to address increasing passenger and cargo demands, reinforce Ethiopia’s position as a leading aviation hub, and stimulate regional economic growth.
Chief Executive Officer of Ethiopian Airlines Group Mesfin Tasew Bekele signed the Letter of Intent with African Development Bank Vice President for Regional Development, Integration and Business Delivery, Nnenna Nwabufo, at the Bank’s headquarters in Abidjan last Friday.
Bekele was part of the Ethiopian delegation led by Finance Minister Ahmed Shide while other members were Adamu Tadele, CFO for Ethiopian Airlines Group, Tiguist Fisseha, Senior Advisor to the Finance Minister, Abraham Tesfaye, Infrastructure Director for Ethiopian Airlines Group and Berhanu Anbessa, Head of IFIs at the Ethiopian Ministry of Finance.
The new world-class international airport will be situated in Bishoftu about 40 km from the current Addis-Ababa Bole International Airport.
Multinational transportation is key to improving inter-connectedness and free movement between countries and contributes to regional integration, one of the Bank’s High Five priorities.
The new Abusera International Airport will complement Ethiopia’s recently expanded Bole International Airport, which is expected to reach its annual 25 million passenger capacity limit soon.
The new infrastructure will enhance Ethiopian Airlines’ role in improving intra-Africa connectivity by enabling a more extensive and efficient network, and strengthening connectivity between Africa and the rest of the world.
At a meeting with the delegation, the President of the African Development Bank Group, Dr. Akinwumi Adesina, said, “I’m a great friend of Ethiopia, and of course, Ethiopian Airlines is Africa’s pride, a symbol of excellence and resilience. The African Development Bank is fully committed to supporting this transformative flagship project, which will strengthen the continent’s aviation leadership and economic integration.”
Finance Minister Shide said, “Today’s signing of the Letter of Intent for the new mega airport development project is yet another testament to AfDB’s commitment to supporting Ethiopia’s ambitious flagship air transport project that will not only reinforce Ethiopian Airlines’ competitive edge in passenger and cargo services, but also enhance Africa’s global air connectivity and integration, solidifying the continent’s aviation hub status.”
Ethiopian Airlines Group, Africa’s largest and most successful airline, is advancing its ambitious 2035 growth strategy, which emphasizes network expansion, infrastructure development, and human capital investment to enhance its global competitiveness.
In the last fiscal year, ending on 30 June 2024, the airline reported record revenues of $7.02 billion (over 402 billion Ethiopian Birr), reflecting a 14% year-on-year increase.
It transported 17.1 million passengers, with 13.4 million on international routes and 3.7 million domestically.
The African Development Bank Group is Africa’s premier development finance institution and comprises three distinct entities namely the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF).
On the ground in 41 African countries with an external office in Japan, the Bank contributes to the economic development and the social progress of its 54 regional member states.
ENDS.
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