ADDIS ABABA, March 15 (Xinhua) -- Ethiopian Airlines and the African Development Bank (AfDB) have signed a partnership agreement to collaborate on the construction of Ethiopia's new mega international airport, according to the Ethiopian Ministry of Finance.
The partnership accord was signed on Friday by Mesfin Tasew, chief executive officer of Ethiopian Airlines Group, and Nnenna Nwabufo, vice president for regional development, integration and business delivery at the AfDB, the ministry said in a statement issued on Saturday.
During the letter of intent signing ceremony, Ethiopian Finance Minister Ahmed Shide appreciated the AfDB's "comprehensive support" to Ethiopia's development, with a current investment portfolio of more than 1.2 billion U.S. dollars in key development sectors.
Highlighting that the East African country's ongoing macroeconomic reform efforts are critical to driving inclusive growth and building a robust economy, Shide acknowledged the AfDB's support for Ethiopia's development.
Commending the two sides' partnership on Ethiopia's Bishoftu International Airport Development Project, the finance minister also requested the bank's support for the country's macroeconomic reform agenda as well as other transformational projects.
Ethiopia's mega airport project, estimated to cost 7.8 billion dollars, will increase annual passenger capacity from 17 million to over 60 million by 2040, reinforcing Ethiopian Airlines' position as Africa's leading aviation group. The new hub is also expected to drive Ethiopia's aspiration of becoming a major tourism destination, according to the ministry.
For his part, Akinwumi Adesina, president of the AfDB, expressed the AfDB's "full commitment" to supporting the new airport project as a continental flagship project.
The two sides also agreed to deepen the "existing strong partnership" through strategic and innovative engagements that benefit all Ethiopians and the region at large.
According to the Ethiopian government, the new airport project, spearheaded by the national carrier Ethiopian Airlines, is expected to address the fast-growing international and domestic demand for passenger and cargo services, as the Addis Ababa Bole International Airport -- Ethiopia's main international gateway and a primary transit hub for African travelers -- will soon reach its maximum capacity at the current pace of growth.
