The African Development Bank (AfDB) has announced it will provide half a billion dollars to help finance a new airport in Ethiopia, which is projected to become Africa’s largest upon its anticipated completion in 2029.
Ethiopian Airlines, the state-owned flag carrier, will oversee the airport’s design.
The facility plans to have four runways and will be located near Bishoftu, about 45km southeast of Addis Ababa.
The airline has committed to funding 20% of the US$10 billion project with the remainder expected from a mix of creditors.
In a statement, the bank said it has “earmarked up to US$500 million, pending board approval, to anchor the financing of this transformative regional integration initiative”.
Last week, the bank also revealed it is leading an effort to raise US$7.8 billion towards the project.
This funding, combined with Ethiopian Airlines’ US$2 billion contribution, will cover the planned US$10 billion cost.
The airport is expected to handle up to 100 million passengers annually.
