The Empower Africa Business Platform is Now Live !!!
The African Development Bank (AfDB) has announced plans to contribute $500 million, pending board approval, toward the construction of a new international airport in Ethiopia.
The facility is expected to become Africa’s largest airport once finished, with a completion date set for 2029.
This project, costing an estimated $10 billion, will be built near Bishoftu, around 45 kilometers southeast of Addis Ababa.
Ethiopian Airlines, the state-owned carrier, has already entered into a design agreement for the airport. The airline will cover 20% of the total cost, while the remaining funds will be raised from various lenders.
The AfDB described its contribution as an anchor investment for a “transformational regional integration project.” The bank has also taken the lead in mobilizing $7.8 billion in funding for the initiative.
Once complete, the airport is expected to handle up to 100 million passengers per year.
In a related development, Ethiopian Airlines recently reported an 8% increase in revenue for its 2024/25 financial year, achieving $7.6 billion in earnings.
Passenger numbers rose 11% to 19 million, and the airline added new routes and aircraft to its growing fleet.
CEO Mesfin Tasew Bekele also reaffirmed the airline’s long-term plans for the mega-airport near Bishoftu, designed to accommodate 100 million passengers and park 270 aircraft by 2029.
Report Summary:
Project cost: $10 billion
AfDB pledge: $500 million (subject to board approval)
Location: Near Bishoftu, about 45 km southeast of Addis Ababa
Ethiopian Airlines contribution: 20% of total cost
Funding strategy: Remainder from creditors; AfDB leading a $7.8 billion fundraising effort
Capacity: 100 million passengers annually
Target completion: 2029
Nigerian automotive startup Mecho Autotech has raised $2.4 million in pre-Series A funding to expand into wholesale spare parts distribution.
Moroccan startup ORA Technologies, known for its super app offering various services, has secured $1.5 million in seed funding from local investors.
Ethiopia’s agricultural sector, the Ethiopian Agricultural Businesses Corporation (EABC), Ethiopian Investment Holdings (EIH), and UK-based private equity firm Asset Green have entered into a shareholders’ agreement to launch a comprehensive dairy and crop farming initiative.
