The African Development Bank will contribute $500 million for the construction of a new international airport in Ethiopia that is expected to carry 100 million passengers a year by 2029.
The AfDB’s contribution, when approved by its board, follows the bank’s designation as the lead arranger to raise nearly $8 billion for Bishoftu International Airport, which will be located 45 km outside the capital Addis Ababa. The airport will be a boost for state-owned Ethiopian Airlines — Africa’s largest commercial airline by number of destinations — as the company plans to use it as its new global hub.
Ethiopian Airlines will design the four-runway airport, the total cost of which is estimated at $10 billion. Construction is scheduled to begin later this year, the AfDB said.