(MENAFN- The Arabian Post)

The African Development Bank has confirmed it will finance $500 million towards the construction of a new international airport in Ethiopia. Once completed in 2029, the project is expected to become the largest airport on the continent. The new infrastructure forms part of Ethiopia's broader ambitions to boost its position as a key hub for aviation in Africa, with an emphasis on increasing regional connectivity and expanding the country's international trade and tourism potential.

The airport, located in the capital Addis Ababa, will serve as a major gateway for global business and tourism, offering a significant upgrade to Ethiopia's current air travel capabilities. The investment is considered a strategic move to support the nation's rapidly growing economy, which has seen impressive growth over the last decade despite global challenges.

This major development underscores Ethiopia's commitment to enhancing its transport infrastructure, a critical part of the government's broader economic reform programme. AfDB's contribution is a testament to the growing support for large-scale projects across the African continent, positioning the bank as a key player in financing infrastructure that will stimulate economic development. The new airport is expected to handle 20 million passengers annually once fully operational, surpassing the capacity of other major African airports, including those in Johannesburg and Cairo.

Construction on the site is already underway, with a consortium of international and local firms involved in the development. The airport's design incorporates cutting-edge technology aimed at improving passenger experience, operational efficiency, and sustainability. Environmental considerations are also a focus, with plans to implement green technologies throughout the construction and operation phases.

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The project will be phased over several years, with the first phase expected to open by 2025. As Ethiopia prepares for the significant influx of tourists and business travellers anticipated from the new airport, the government is also investing in related infrastructure such as hotels, commercial developments, and transport links to make the site a key economic engine for the region.

This new airport is being touted as a crucial element in Ethiopia's wider vision to transform its aviation sector. The Ethiopian Airlines Group, which is already one of the continent's largest and most profitable carriers, is expected to play a central role in operating and maintaining the new hub. The national carrier's expanding fleet and network align with the government's vision of positioning Ethiopia as an air transport leader.

The financing from the AfDB is part of the bank's broader strategy to foster economic growth in Africa by funding critical infrastructure projects. With its focus on sustainable development, the AfDB aims to improve transport networks, water supply systems, and energy projects across the continent, enhancing regional integration and opening up new business opportunities. This particular investment is aligned with the AfDB's ongoing support for Ethiopia, having previously funded projects in sectors such as agriculture, education, and energy.

Experts highlight the airport's potential to drive long-term economic benefits, particularly for Ethiopia's burgeoning manufacturing and services sectors. The government hopes that the improved air connectivity will attract foreign direct investment, creating jobs and stimulating business activity. Additionally, the project is expected to provide a much-needed boost to the tourism sector, drawing visitors to Ethiopia's rich cultural heritage and natural attractions.

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