News Column

Ethiopian and AFD Sign 50 Million Euro Loan

June 24, 2014

Zerihun Getachew

Ethiopian Airlines and the Agence FranÇaise de DÉveloppement (AFD) signed a 50 million Euro loan agreement on 20 June 2014 in Addis Ababa.

Chief Executive Officer of Ethiopian Airlines, Tewolde Gebremariam and AFD Regional Director, Mr. Christian Yoka signed the agreement at Ethiopian Headquarters.

It is indicated on the event that the loan aims at financing the construction of the new state of the art cargo terminal.

"Infrastructure development is one of the four pillars of our fast, profitable and sustainable growth strategic roadmap, Vision 2025. This loan from AFD will enable us to build our new cargo terminal, which is being constructed in 2 phases, and when completed will have 1.2 million tons annual capacity, making it one of the largest in the world," said Tewolde.

He noted that Ethiopian has a plan to operate 18 dedicated freighters serving 37 international cargo destinations by 2025.

"This credit agreement is the second of its kind after the one signed for the expansion and upgrading of Ethiopian Airlines multinational aviation training center which is nearly completed partially in operation. The new agreement shows our commitment to further support Ethiopian in its growth plan," said Mr. Christian Yoka..

Ethiopian Cargo currently has dedicated freighter services to 26 cargo destinations in Africa, the Gulf, Middle East, Asia and Europe, using 6 dedicated cargo freighters.

For more stories on investments and markets, please see HispanicBusiness' Finance Channel

Source: AllAfrica

Story Tools Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters