A new USD 7.8 billion global hub for Africa: Ethiopian Airlines signs key financing agreement
Ethiopian Airlines Group has signed a Letter of Intent with the African Development Bank (AfDB) to finance the construction of the new Abusera International Airport, a project valued at USD 7.8 billion designed to meet growing passenger and cargo demand.
The agreement was signed by Ethiopian Airlines Group CEO Mesfin Tasew Bekele and Nnenna Nwabufo, AfDB’s Vice President for Regional Development, Integration, and Business Delivery, at the bank's headquarters in Abidjan, Ivory Coast, on March 14. Ethiopia’s Finance Minister, Ahmed Shide, and other senior Ethiopian officials attended the ceremony.
The new airport will be situated in Bishoftu, approximately 40 kilometers from the current Addis Ababa Bole International Airport, which, according to the AfDB, is nearing its maximum annual passenger capacity of 25 million.
According to the AfDB, this infrastructure will significantly stimulate regional economic growth and reinforce Ethiopia’s position as a leading aviation hub in Africa. The new airport will enhance intra-African connectivity and strengthen connections between the continent and the rest of the world.
AfDB President Dr. Akinwumi Adesina stated the bank's full commitment to supporting "this transformative flagship project," emphasizing Ethiopian Airlines as "a symbol of excellence and resilience in Africa."
Ethiopia’s Finance Minister, Ahmed Shide, described the signing as further confirmation of AfDB’s commitment to "Ethiopia’s ambitious flagship air transport project," highlighting that it will enhance Ethiopian Airlines' competitive edge in passenger and cargo services.
Ethiopian Airlines Group reported record revenues of USD 7.02 billion for the fiscal year ending June 30, 2024, representing a 14% year-on-year increase, having transported 17.1 million passengers.
Currently, from its hub at Bole Airport, the airline serves a network of 141 destinations worldwide, operating approximately 2,500 weekly flights (arrivals and departures combined).
Last week, the company also announced its expansion into Vietnam, with flights to Hanoi starting in July.
Its fleet consists of the following:
- 51 Boeing 737 MAX 8 (plus 32 pending delivery)
- 20 Airbus A350-900 (plus 11 pending)
- 29 DHC-8-400
- 10 Boeing 787-9 (plus 11 pending)
- 19 Boeing 787-8
- 11 Boeing 777-200LRF (plus one pending)
- 6 Boeing 737-800
- 6 Boeing 777-200LR
- 5 Boeing 767-300ERF
- 5 Boeing 777-300ER
- 4 Boeing 737-800SF
- 3 Airbus A350-1000 (plus one pending)
- 2 Boeing 737-700
The fleet's mean age is 8.3 years.
AUTOR
Contando la aviación desde marzo del año 2000. Fundador y Managing Editor de Aviacionline.
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