Protocols
Honorable Minister of Finance and Governor of Ethiopia to the African Development Bank Group, Ahmed Shide.
Honorable Ministers and senior officials of the Government of Ethiopia.
Honorable Ministers, including the Honorable Minister of Finance for Malawi, Simplex Banda.
The Chairman of the Board of Directors of the Ethiopian Airlines Group, H.E. Lieutenant General Yilma Merdassa.
Chief Executive Officer, Ethiopian Airlines Group, Mesfin Tasew Bekele.
The Chief Commercial Officer and the Deputy Chief Executive Officer of Ethiopian Airlines Group.
The Chairman of the Board of Directors, Ethiopian Airline Group.
The Management and staff of the Ethiopian Airlines Group.
Vice Presidents Nnnena Mwabufo and Vice President Solomon Quaynor of the African Development Bank Group.
The Country Manager for Ethiopia and Deputy Director General for Eastern Africa of the African Development Bank Group, Leandre Basole, who is now the Director General of the Bank for Central Africa.
The Country-Manager Designate for Ethiopia and Deputy Director General for Eastern Africa, Olajide Oyewusi.
All staff of the African Development Bank.
All staff of the Ethiopian Airlines Group.
Members of the Media.
Ladies and gentlemen.
Good morning!
I am 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.
I applaud the CEO of Ethiopian airlines, Mr. Mesfin Bekele, who is doing an outstanding job, and the Board of Directors, Management and staff of the airline for their incredible top-notch performance and for making Africa proud.
I understand that Mr. Mesfin Bekele had wanted to retire twice and twice he has been encouraged to stay on a little longer. That is not surprising, for as the saying goes, the price for great work is more work. I understand that he will be retiring in another year, and you already have a clear succession plan. There will be no surprises.
That is the mark of a great institution.
I wish to commend you, the Board of Directors, Management and staff for making Ethiopian Airlines such a profitable company, with $7.2 billion in revenues in 2024, an increase of 14% from 2023. I learnt that you also increased your passenger numbers by 24%, to 19 million passengers.
What a performance!
The African Development Bank is proud to partner with Ethiopia in its vision to expand the operational and fleet capacity of the Ethiopian Airlines.
That’s why in 2016, one year after my election as President of the African Development Bank, we provided a $160-million corporate loan to Ethiopian Airlines for its expansion and fleet modernization.
I was delighted on one of my trips from Addis to Abidjan, when suddenly the CEO of Ethiopian Airlines showed up and said they had changed the aircraft we would use to the new Airbus which was purchased with the financing from the African Development Bank.
What a flight it was, for me and all my accompanying staff! I can still recall my photographer, Roland (who is here today), sitting comfortably and enjoying the flight, in the brand-new aircraft.
From then, Ethiopian Airlines has not looked back. Today, its fleet expansion program will acquire an additional 114 aircrafts, to bring its fleet capacity to 240 aircrafts.
To stay dominant, the government of Ethiopia is also expanding its airport facilities, especially for international flights. The Bole International airport, which currently is at 19 million out of its 25 million passenger capacity per year is no longer enough for the ambition of Ethiopia to be on top.
The Prime Minister looks forward again!
The new Bishoftu international airport will be a game changer for air transport in Africa and globally.
The phase one of the Bishoftu airport will handle 60 million passengers per annum, which will rise to 110 million passengers per annum, in phase 2.
The Bishoftu airport will enable Ethiopian Airlines to reduce its fuel consumption by 15%. It will also accommodate 3.7 million tons of cargo and provide parking for 270 aircrafts.
The construction of the new Bishoftu airport will cost a total of $10 billion.
The African Development Bank is 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.
You can understand why.
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.
I wish to highly commend the Honorable Minister of Finance, Ahmed Shide, for his strong leadership, for believing in the African Development Bank and for working closely with my staff to make this day a reality. You were with me in Abidjan on March 24, 2025, along with the the CEO of Ethiopian airlines, when you signed the Letter of Intent for the project with Vice President Nnenna Mwabufo.
I am proud that the team of the Bank moved with speed and deployed a project preparation mission to Addis Ababa from 5th-9th May, 2025.
And here we are today, signing the Mandate letter for the African Development Bank to mobilize the $8 billion for the construction of the new airport.
I wish to commend the Government of Ethiopia for moving rapidly to relocate and financially settle all the 2,800 households that will be affected by the project, with transparency and accountability.
I wish to assure you that the African Development Bank will deliver, so that this project can be delivered by Ethiopia for its people.
As this will be my last official visit to Ethiopia, as President of the African Development Bank, I wish to use the opportunity to express my deep appreciation to Prime Minister Abiy Ahmed, as well as the Government of Ethiopia for all your support for the African Development Bank, my staff and I, over the past ten years.
I wish to commend the Minister of Finance for his excellent support. I also wish to commend all my staff, especially my senior Vice President, Vice Presidents, General Counsel and our exemplary legal staff, Directors of the Bank, as well as the country manager and deputy director general and his team at the Bank’s office in Addis Ababa.
I wish to use this time to specially commend Leandre Bassole, the Country Manager for Ethiopia and the Deputy Director General, who is now taking on a new role as the Director General of the Central Africa region for the African Development Bank.
Under you, Leandre, and with your leadership and strategic partnership, the Bank was able to secure this mandate.
Well done! I have no doubt that you will excel in your new role.
I am equally pleased that Olajide Oyewusi, the new Country Manager designate for Ethiopia and the Deputy Director General is here at the event. Given his extensive experience as a commercial banker, he will be able to put this to use to accelerate the Bank’s delivery on the project.
This will ensure a smooth leadership transition and stability in the operations of the African Development Bank in Ethiopia.
I look forward to flying Ethiopian Airlines to come back here in few years and land at the Bishoftu International Airport.
What a great day that will be!
I will always have Ethiopia in my heart.
Thank you very much.
Distributed by APO Group on behalf of African Development Bank Group (AfDB).