Ethiopian Airlines Group and African Development Bank Sign a Mandate Letter for financing Africa’s Largest Aviation Infrastructure Project

Addis Ababa, 11th August 2025 Following the signing of the Letter of Intent (LoI) on March 24th, 2025, Ethiopian Airlines Group (EAG) and the African Development Bank (AfDB) signed a landmark mandate letter appointing the Bank as Initial Mandated Lead Arranger (IMLA) for the financing of Ethiopian Airlines’ mega airport, a transformative aviation hub poised to redefine air connectivity across Africa.

Under this Mandate Letter, AfDB will provide a loan of USD 500 million and lead the mobilization of the remaining amount, for financing the development of the new airport in Bishoftu, the continent’s most ambitious airport project to date. Located 40 kilometers south of Addis Ababa in Abusera, the new greenfield airport will have an initial capacity of 60 million passengers annually, with future expansion to 110 million, making it the largest airport in Africa and one of the top global hubs.

Ethiopian Airlines Group CEO Mesfin Tasew remarked, “We are pleased to partner with the African Development Bank in arranging the required financing for the development of this iconic aviation infrastructure. The signing of this mandate letter marks a decisive step toward realizing a world-class pan-African gateway that will boost intra-African trade, regional integration, tourism, and global connectivity. Ethiopian Airlines Group shall continue leading the enhancement of the aviation industry in the continent.

This is a proud moment for African aviation and infrastructure.” said Dr. Akinwumi Adesina, President of the African Development Bank. “This mandate letter marks a transformative moment not only for Ethiopian Airlines and Ethiopia, but also to the entire continent, and African Development Bank is proud to support that.

The Bank’s appointment as IMLA reflects its catalytic role in advancing strategic infrastructure that aligns with the African Union’s Agenda 2063 and the African Single Air Transport Market (SAATM). The project is not only a response to the growing air traffic demands in Africa, but also a symbol of African-led development excellence. It reinforces the Bank’s leadership in structuring complex infrastructure transactions and its unique capacity to align public and private capital with Africa’s long-term development priorities.

The mega airport will serve as the future hub for all international passenger and cargo traffic, complementing Bole International Airport, which will retain its domestic operations. The airport will anchor an aerotropolis designed to stimulate regional development, enhance logistics capacity, and generate tens of thousands of jobs.

Ethiopian Airlines Group, Africa’s largest and most successful airline, is advancing its ambitious 2040 growth strategy, which emphasizes network expansion, infrastructure development, and human capital investment to enhance its global competitiveness.

In the last fiscal year, ending on 30 June 2025, the airline reported record revenues of USD 7.6 billion reflecting an 8% year-on-year growth. It transported 19.0 million passengers, with 15.1 million on international routes and 3.9 million domestically.

About Ethiopian

Ethiopian Airlines Group (Ethiopian) is a true African success story, transforming a visionary dream into a globally renowned reality for nearly eight decades. Operating flights to more than 160 domestic and international passenger, and cargo destinations across five continents, Ethiopian bridges the gaps between Africa and the world. Emphasizing passenger comfort and environmental sustainability, Ethiopian utilizes ultra-modern aircraft such as Boeing 737s, 777s, 787s, Airbus A350-900, A350-1000 and De Havilland Q400.

Ethiopian, the Star Alliance member airline, champions in various coveted awards including Skytrax’s ‘Best Airline in Africa Award’ for eight consecutive years, APEX ‘Best Overall in Africa’ award and ‘Leadership in Connecting Africa through Transport’ Award among others. Ethiopian aims to further excel in its success through a strategic plan dubbed ‘Vision 2035’ and become one of the top 20 most competitive and leading aviation groups in the world. Embracing a Pan-African spirit, Ethiopian is pursuing multi-hub strategy through hubs in Lomé, Togo with ASKY, in Lilongwe, Malawi with Malawi Airlines, in Lusaka, Zambia with Zambia Airways, and in Kinshasa, Democratic Republic of the Congo (DRC) with Air Congo.

For more information, visit our website at  www.ethiopianairlines.com  email us at CorporateCommunication@ethiopianairlines.com , or call us at (251-11)517-8913/8165/8907.


About the African Development Bank Group

The African Development Bank Group is Africa’s premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 41 African countries with an external office in Japan, the Bank contributes to the economic development and the social progress of its 54 regional member states. For more information: www.afdb.org