Addis Ababa: Ethiopian Airlines Group has entered into a strategic partnership with the African Development Bank (AfDB) through the signing of a Letter of Intent (LoI) for the development of the new Bishoftu International Airport in Ethiopia. The agreement was signed by Mesfin Tasew, CEO of Ethiopian Airlines Group, and Mrs. Nnenna Nwabufo, Vice President for Regional Development, Integration, and Strategy at AfDB. The signing ceremony was attended by Akinwumi Adesina, President of AfDB, and Ahmed Shide, Ethiopia’s Minister of Finance.
According to Ethiopian News Agency, the Bishoftu International Airport is set to address the increasing demand for passenger and cargo services that the current Bole International Airport cannot accommodate. The new airport project, led by the state-owned Ethiopian Airlines Group, is estimated to cost 7.8 billion USD and aims to boost annual passenger capacity from 17 million to over 60 million by 2040. This expansion will reinforce Ethiopian Airlines’ standing as Africa’s lea
ding aviation group and support Ethiopia’s ambitions to become a major tourism destination.
The project is expected to drive Ethiopia’s economic development and enhance Africa’s global air connectivity and integration. During the signing ceremony, Minister Ahmed Shide highlighted the AfDB’s support for Ethiopia’s development, which includes a current portfolio of over USD 1.2 billion in key sectors. He also provided updates on Ethiopia’s macroeconomic reform efforts led by Prime Minister Abiy Ahmed.
Minister Shide expressed gratitude for President Adesina’s leadership and support over the past decade. In addition to the airport project, he requested AfDB’s assistance with Ethiopia’s macroeconomic reform agenda and transformational projects related to regional integration and renewable energy.
President Akinwumi Adesina reiterated the AfDB’s commitment to the airport project, describing it as an African flagship initiative. He commended Ethiopia’s GDP growth of 8.1% last year and the rapid transformation of
Addis Ababa under Prime Minister Abiy Ahmed’s leadership. Both parties agreed to strengthen their partnership through strategic and innovative engagements that will benefit Ethiopia and the wider region.