African Development Bank approves $40m loan to Ethiopian Airlines

The Board of Directors of the African Development Bank (AfDB) on March 23, 2011 approved a $40 million loan to Ethiopian Airlines to enable the airline to buy five Boeing 777-200LR passenger jets.

The AfDB says the airline will replace old aircraft and expand its capacity on long haul routes to and from Africa.

“A $40-million second lien corporate loan to Ethiopian Airlines to support the purchase of five Boeing 777-200LR passenger jets”, AfDB said in a statement adding “As part of the Ethiopian Airlines’ investment plan for 2010-2018, the airline will replace old aircraft and expand its capacity on long haul routes to and from Africa.”

The airline has 46 operating aircraft and 40 fleets on order.

Ethiopian Airlines which is the national flag-carrier of Ethiopia was established in December 21, 1945 and flies to 60 international destinations including Ghana.

By Ekow Quandzie