AfDB provides $159 million to Ethiopian Airlines for its expansion
Monday, 19 December 2016 16:14
The African Development Bank (AfDB) announced in a statement published on December 15, it has granted Ethiopian Airlines a $159 million loan to fund part of its strategy to grow and modernize its fleet.
The statement reveals that the funding comes in two tranches. The first which represents 85% of the funding is covered by the African Trade Insurance (ATI), the African agency for export credit.
Ethiopian Airlines is fully owned by the Ethiopian government. The company which currently serves 93 international destinations, plans to increase its fleet to 140 planes by 2045, from 77 now. By the projected year, the firm expects a turnover of more than $10 billion.
According to the International Air Transport Association, Ethiopian Airlines is presently Africa’s leading company in terms of profit and turnover. Based at the Bole international airport, the firm registered a record net profit of $165.4 million for its 2014-15 fiscal year, up 12% compared to the previous one.
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