P-ET-DA0-009

Project Details
ID: P-ET-DA0-009 Name: ETHIOPIAN AIRLINES INCORPORATE LOAN Status: Ongoing Country: Ethiopia
Sector: Transport Approval date: 23-Mar-2011 Task Manager: DZIMIRI Paul, PISD2
Total cost: 412429880
Currency: UAC
Source(s) of financing
AfDB: 10495965.23
Implementing Agency: Ethiopian Airlines Location: ADDIS ABABA

Description

The Project involves the participation by African Development Bank (ADB) in a corporate loan to Ethiopian Airlines for the financing of its investment plan from 2010 to 2018, and targeted to the purchase of five Boeing 777-200LR long range passenger jets. The aircraft will be used to replace old aircraft and to expand capacity on long haul routes to and from Africa. The aircraft will be delivered between November 2010 and July 2011.

Benefits

*Contribution to economic growth *Employment increased and wages paid *Third party Maintenance Repair Operations (MRO) business increased *Implemented Investment Plan *Company performance enhanced *Sales Revenue grew *Foreign Exchange *Earnings increased *IncreasedGovernment tax revenues *Modernized fleet Increase on Routes being operated.