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 mobilisation 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 kilometres 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. “The signature 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.”
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.