Ethiopian Airlines has formalised a partnership with the African Development Bank (AfDB) to advance the construction of a new international airport in Ethiopia. The agreement was signed by Mesfin Tasew, CEO of Ethiopian Airlines Group, and Nnenna Nwabufo, AfDB’s Vice President for Regional Development, Integration, and Business Delivery.

Ethiopia’s Finance Minister, Ahmed Shide, expressed gratitude for the AfDB’s extensive support, noting its current investment portfolio exceeds $1.2 billion across key development sectors. He emphasised that Ethiopia’s ongoing macroeconomic reforms are vital for fostering inclusive growth and building a resilient economy. Shide also highlighted the importance of the AfDB’s support for the Bishoftu International Airport Development Project and other transformative initiatives.

The proposed airport, with an estimated investment of $7.8 billion, aims to boost annual passenger capacity from 17 million to over 60 million by 2040. This expansion is set to strengthen Ethiopian Airlines’ position as Africa’s leading aviation group and aligns with the country’s ambition to become a prominent tourism destination. The new hub is also expected to alleviate capacity constraints at Addis Ababa Bole International Airport, which is nearing its maximum operational capacity due to rapid growth.

Akinwumi Adesina, President of the AfDB, reaffirmed the bank’s full commitment to supporting the airport project, recognising it as a flagship initiative for the continent. Both parties agreed to enhance their robust partnership through strategic and innovative engagements that will benefit Ethiopians and the broader region.

This collaboration underscores the critical role of modern infrastructure in driving economic development and regional integration. By enhancing Ethiopia’s aviation capacity, the project is poised to facilitate increased trade, tourism, and investment, contributing significantly to the nation’s economic growth and its integration into the global economy.