By Black Star News
Photos: YouTube Screenshots
The African Development Bank( AfDB) will be funding the construction of a new international airport in Ethiopia to the tune of $500 million, while also working to raise $8 billion for the project. The new airport is anticipated to transfer 100 million travelers by 2029.
The state-owned Ethiopian Airlines recently signed a design agreement for a new four-runway airport in the vicinity of the the town of Bishoftu, south-east of Ethiopia’s capital Addis Ababa. Construction is expected to start later this year. The airlines will supply 20 percent of the funding needed for the $10 billion project. Creditors will provide the balance.
Besides this contribution, the AfDB is also working to raise $8 billion for the Bishoftu International Airport. Ethiopia Airlines is the largest commercial airlines, by the number of destinations it travels to, in Africa.
In a statement, the AfDB said, “The Bank has itself earmarked up to $500 million, subject to Board approval, to anchor the funding.” AfDB says it expects the new airport to be a “transformational regional integration project” to boost “continental integration and connectivity.”
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