…Lauds Ethiopian Airlines On Global Aviation Sector Ranking
The outgoing President of the African Development Bank Group (AfDB), Dr. Akinwumi Adesina, disclosed on Tuesday that the development finance institution had committed over $50 billion to infrastructure projects in Africa during his tenure.
Adesina, who made this remarks during the commissioning of the Bishoftu airport in Ethiopia, spoke on sundry interventions of the bank across various sectors of Sub-Saharan Africa’s (SSA’s) economies and assured of the bank’s commitment to partnering African governments in development initiatives aimed at lifting millions of Africans out of poverty trap.
While commending the Ethiopian Airlines for its remarkable achievements in the global aviation sector, remaining among the best airlines worldwide, he noted that the construction of the airport project estimated at $10 billion, would enable Ethiopian Airlines to reduce its fuel consumption by 15%, and also accommodate 3.7 million tons of cargo and provide parking for 270 aircrafts.
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Adesina, who also commended the Ethiopian government in its economic development initiatives, said the AfDB was delighted to have been selected as the Mandated Leader Arranger, Global Coordinator and Book Runner to mobilize $8 billion of debt financing towards the construction of the new airport, including up to $500 million of debt from the Bank.
He said: “The African Development Bank is the largest financier of infrastructure in Africa. In the past ten years under my Presidency, the Bank has financed over $55 billion in infrastructure.
“We will do all we can to support Ethiopia to achieve its dream”, Adesina added.
According to him, he is delighted to be back in Addis Ababa, “a city that is witnessing incredible transformation under the visionary leadership of Prime Minister Abiy Ahmed. If the transformation is happening in years, I can understand, but it is happening every hour, every day, every week, at scale.
“Speed and scale are now the hallmarks of Ethiopia. And scale is what we are signing onto today: the start of the pathway for the construction of the mega Bishoftu international airport.
“It is a testament to the power of vision, determination and resolve to put Africa at the top.
“Ethiopia airlines has put Africa at the top in global aviation. I am writing these remarks onboard the ET flight from Abidjan to Addis Ababa. In the air, on top, across 130 destinations, across 5 continents, Ethiopia Airlines makes Africa proud.
“With its 75 years of operational history, Ethiopian Airlines is Africa’s oldest and best airline. It is critical for regional economic integration, connecting capitals, people and markets, with its globally rated cargo facilities.
“This was remarkable during the Covid19 pandemic. When many global airlines stopped flying., Ethiopian Airlines was in the air. It innovated by turning passenger cabins in its fleets to cargo facilities, moving goods, vaccines, medicines and equipment, across the world.
“Ethiopian Airlines have won the Skytrax ‘Best Airline in Africa’ award for seven consecutive years”, the AfDB boss added.
He commended the CEO of Ethiopian airlines, Mr. Mesfin Bekele, the Board of Directors, management and staff of the airline for making it such a profitable company, with $7.2 billion in revenues in 2024, an increase of 14% from 2023 and also for increasing the passenger numbers by 24%, to 19 million passengers.
While expressing the happiness of the AfDB in partnering with Ethiopia in its vision to expand the operational and fleet capacity of the Ethiopian Airlines over the years, Adesina recalled that was why in 2016, one year after his election as President of the AfDB, the bank provided a $160-million corporate loan to the airline for its expansion and fleet modernization.
