Ethiopian Airlines Group CEO Mesfin Tasew Bekele did not disclose the lender’s name, but confirmed the commitment as a significant step forward for the project, which has an estimated total cost of $10 billion, and is being financed through a combination of debt and equity. The project spearheaded by Africa’s largest carrier, Ethiopian Airlines Group (EAG) has already raised $500 million from the African Development Bank (AfDB) as it actively seeks funds from various international partners and through self-financing to construct what is billed to be the largest airport in Africa.“During the last one year, we had a lot of activities to market this project to many lenders. There is one Bank from China which has promised to invest in this project and has promised to contribute $500million,” said Mr Mesfin said in Rabat, Morocco, on the sidelines of the Africa Investment Forum by the African Development Bank.“There are other bankers who have pledged to invest in this project,” the airline boss said. “We have dedicated the AfDB to be the leader in this process. We are engaging a lot of financial institutions... in all parts of the world: Middle East, China, India, Europe, and North America.” The total investment cost for the new airport is estimated at $12.5 billion, including land acquisition, resettlement, and financing costs. According to project estimates, the financing gap to be filled by the private sector could reach $8 billion.

Click here to read more