The African Development Bank (AfDB) will contribute $500 million towards the financing of a new airport in Ethiopia, Reuters reported on Monday, August 11. The airport is expected to be Africa's largest when completed in 2029. ALSO READ: Ethiopia saves $2.7bn through import substitution in eight months State-owned Ethiopian Airlines has signed an agreement for the design of the four-runway airport near the town of Bishoftu, around 45 km southeast of the capital Addis Ababa. The airline has said it will provide 20 per cent of the funding for the $10 billion project and the rest will come from creditors. ALSO READ: Rwanda, Ethiopia to sign new cooperation agreements The bank has itself earmarked up to $500 million, subject to board approval, to anchor the funding of this transformational regional integration project, the development bank said in a statement. Last week, it said it was leading efforts to raise $7.8 billion for the project, which will have the capacity to handle 100 million passengers per year.
