The African Development Bank will spearhead the $7.8 billion fundraising campaign for the new Ethiopian airport
The African Development Bank said it would help raise $7.8 billion for a new airport in Ethiopia through a lead role.
When it’s done in 2029, the airport will be the biggest on the region and be able to handle 100 million people a year.
“The appointment of the African Development Bank as lead arranger reflects its catalytic role in advancing strategic infrastructure across the continent and its proven leadership in structuring complex transactions,” the bank said in a statement late Thursday.
Ethiopian Airlines, which is owned by the government, agreed to build the four-runway airport near the town of Bishoftu, which is about 45 km (28 miles) southeast of Addis Ababa, the capital.
Chief Executive Officer Mesfin Tasew said that the airport would cost a total of $10 billion, with the airline paying 20% of the cost and the rest coming from creditors when he presented Ethiopian Airlines’ financial figures on Tuesday.
He said last year that Bole Addis Ababa International Airport, which is the main hub for Africa’s biggest airline, would soon be able to handle 25 million people per year.
The bank said that on Monday, the head of the bank and Prime Minister Abiy Ahmed will sign a certificate in Addis Ababa.
