The African Development Bank will contribute $500m (R8.86bn) towards financing a new airport in Ethiopia — which is expected to be Africa's largest when completed in 2029 — it said on Monday.
State-owned Ethiopian Airlines has signed an agreement for the design of the four-runway airport near the town of Bishoftu, about 45km southeast of the capital Addis Ababa. The airline has said it will provide 20% of the funding for the $10bn (R177.26bn) project and the rest will come from creditors.
“The bank has earmarked up to $500m, subject to board approval, to anchor the funding of this transformational regional integration project,” the development bank said.
Last week, it said it was leading efforts to raise $7.8bn (R138.22bn) for the project, which will have the capacity to handle 100-million passengers per year.
Reuters
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