Ethiopian Airlines has signed a deal with the African Development Bank (AfDB) to work on the Bishoftu International Airport. The $7.8 billion project aims to increase Ethiopia’s airport capacity to handle 60 million passengers annually. The airline company also seeks to achieve this target by the year 2040. During the signing ceremony, Ethiopian Finance minister highlighted AfDB’s support in the monumental project. AfDB pledged $1.2 billion in investments to ensure implementation of the project. Both parties signed a memorandum of understanding concerning the Bishoftu International Airport Development Project in Ethiopia.

The signing was led by Ethiopian Airlines Group CEO, Mr. Mesfin Tasew. On the other hand, Mra. Nnenna Nwabufo, Vice president for Regional Development, Integration and Strategy represented AfDB. The bank’s president, Dr. Akinwumi Adesina was also present during the ceremony. During the event, Ethiopian Finance Minister, Ahmed Shide, emphasized the government economic reforms. Furthermore, it praised the AfDB for its support, which included $1.2 billion in investments.

Project Summary

Location: Boshoftu

Capacity: 60 million passengers

Aircraft parking capacity: 270

Number of runways: 4

Project duration: 5 years

Cost of Implementation: US$7.8 Billion

The Significance of the Bishoftu International Airport

The Bishoftu International Airport is expected to have immense significance and potential, not only for Ethiopia but also for the continent. For Ethiopia, the airport will complement the Addis Ababa Bole International Airport. It is currently one of the largest in Africa. Mesfin said Bole Addis Ababa International Airport will soon reach its capacity of serving 25 million passengers annually. The airport is also the current main hub for Africa’s biggest airline. “It is a five-year project that will be finalized in 2029. It will be the biggest in Africa,” Mesfin said. Dr. Akinwumi Adesina emphasized the Bank’s total dedication to supporting the new airport development project. Moreover, he called it an African flagship project. Through strategic and creative activities that benefit all Ethiopians and the region as a whole, the two parties committed to strengthening their already solid alliance.