Ethiopian and Agence Francaise de Development sign €30 million Loan Agreement - 15 October, 2010

Ethiopian Airlines and the Agence Francaise de Developement (AFD) signed a loan agreement of 30 Million Euros today at the Ethiopian Airlines Headquarters. The agreement is aimed at financing the expansion and upgrading of Ethiopian Airlines training academy with state-of-the-art infrastructure and facilities. The agreement covers a 15 years term loan, part of which is concessional.

Mr Tewolde G. Mariam, Designate Chief Executive Officer of the airlines and Mr. Didier Grebert, AFD Regional Manager for Ethiopia, Sudan and Somalia signed the agreement at Ethiopian headquarters on October 15, 2010. The signing ceremony was graced by H.E. Jean-Christophe Belliard, French Ambassador to Ethiopia and Ethiopian as well as AFD officials.

“The Ethiopian Aviation Academy has strategic vision of becoming World Class Centre of Excellence in Aviation Training with the mission of providing the highest standard of aviation training to Ethiopian and to other aviation industries in the region. Hence, the latest agreement with AFD will support Ethiopian’s plan to invest on highest training standards and equipments”, said Mr. Tewolde G. Mariam Designate CEO of Ethiopian.

“AFD has been instrumental in assisting developing countries for a sustainable recovery from the impact of 2008 global financial crisis. In line with that, initiatives were taken by AFD and its subsidy PROPACO in implementing aid and partnership activities. The sharp rise in activities of AFD in Ethiopia went hand in hand with a scaling up of strategic partnerships. The AFD office has moved since 2007, from Djibouti to Addis to become a regional office for Ethiopia, Sudan, Somalia and Eritrea.” said Mr. Didier Grebert, AFD Regional Manager for Ethiopia, Sudan and Somalia.

Ethiopian Airlines Aviation Academy has become a powerful source of the African aviation training. The Academy is committed to developing and providing a competent workforce for Ethiopian Airlines in particular and the aviation industry for the region in general. The academy runs concurrent training and development programs covering pilots, cabin crew, technicians and conducts comprehensive courses in marketing and leadership management.

About Ethiopian

Ethiopian Airlines, one of the largest and fastest growing airlines in Africa, made its maiden flight to Cairo in 1946. With the recent addition of flight services to Pointe Noire, Ethiopian provides dependable services to 39 cities in Africa and a total of 59 international destinations spanning throughout four continents.

Ethiopian won the NEPAD Transport Infrastructure Excellence Awards 2009 on November 25, 2009 and "Airline of the Year" award from the African Airlines Association (AFRAA) on November 24, 2009, bringing the total Awards honored since January 2009 to five.

In August, 2008, Ethiopian won “the 2008 Corporate Achievement Award” of Aviation & Allied Business for setting the pace towards the development and growth of the African aviation industry.

Ethiopian is also the first African carrier to win the 2008 Brussels Airport Company Award in recognition of its distinguished long haul operations witnessed through the introduction of new routes, new products, and close cooperation with Brussels Airport in marketing activities.

Ethiopian was the winner of the ‘2008 Best Airline in Africa Award’ at the African Travel Award ceremony in Lagos, Nigeria, for its excellent network and convenient connections in Africa.