African Development Bank Sets Stage for Africa's Largest Airport in Ethiopia

The African Development Bank has committed $500 million to the development of what is expected to become Africa's largest airport in Ethiopia by 2029. Ethiopian Airlines will contribute 20% of the $10 billion total cost. The project seeks to enhance regional integration with a passenger capacity of 100 million annually.

The African Development Bank announced its contribution of $500 million to the construction of a new airport in Ethiopia, projected to be Africa's largest by the year 2029. This initiative supports Ethiopian Airlines' recent agreement to design the four-runway airport near Bishoftu, a town located 45 km from the capital, Addis Ababa.

The $10 billion venture will see Ethiopian Airlines funding 20% of the project while the majority of the financing will come from creditors. The African Development Bank, subject to board approval, aims to secure up to $500 million as a vital portion of the overall funding efforts.

Last week, the bank revealed its leadership role in raising $7.8 billion necessary for this regional integration project. Once completed, the airport will boast the capacity to accommodate 100 million passengers annually, signifying a substantial leap in Ethiopia's aviation capabilities.

(With inputs from agencies.)