Addis Ababa, Ethiopia — The African Development Bank (AfDB) will contribute up to $500 million towards the construction of a new airport in Ethiopia, projected to be Africa’s largest upon completion in 2029, the bank announced on Monday.
The state-owned Ethiopian Airlines has signed an agreement for the design of the four-runway facility near Bishoftu, a town located about 45 kilometers (28 miles) southeast of Addis Ababa. The national carrier will fund 20% of the estimated $10 billion cost, with the remainder to be sourced from international creditors.
“The bank has itself earmarked up to $500 million, subject to board approval, to anchor the funding of this transformational regional integration project,” the AfDB said in a statement.
Last week, the bank revealed it is spearheading efforts to secure $7.8 billion in financing for the project, which is expected to have the capacity to handle 100 million passengers annually.
The Bishoftu airport is envisioned as a major regional aviation hub, bolstering Ethiopia’s position as a key player in African and global air transport.
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