The African Development Bank (AfDB) has pledged $500 million to support the construction of a new mega airport in Ethiopia.
An agreement was signed on Monday between Ethiopian Airlines Group Chief Commercial Officer Lemma Yadecha and AfDB President Akinwumi Adesina, appointing the bank as the Mandated Lead Arranger.
AfDB will spearhead efforts to secure up to $8 billion for the project’s development.
Ethiopian Finance Minister Ahmed Shide described the project as a “world-class” gateway that will place Ethiopia among the world’s top 20 aviation hubs by 2035.
The facility is set to be the largest airport in Africa.
The state-owned Ethiopian Airlines will contribute 20% of the total $10 billion funding.
The new Bishoftu International Airport, located about 40km from Addis Ababa, will be built in two phases—initially accommodating 60 million passengers annually, with capacity expected to reach 110 million upon completion.
The country’s current Addis Ababa Bole International Airport, designed for 25 million passengers, is already near capacity.
Authorities hope the new hub will double Ethiopia’s tourist arrivals and strengthen its position against major airports in Dubai, Casablanca, and Johannesburg.
Construction is scheduled for completion by 2029.
