China Eximbank provides RMB 1.45 billion government concessional loan for Addis Ababa Bole International Airport Expansion Project (Linked to Project ID#58583)

In late 2013, Ethiopia's Ministry of Finance and Economic Development and China Eximbank signed an 1.45 billion RMB government concessional loan (GCL) agreement [CHINA EXIMBANK GCL No. 2013 (58) Total No (503) 1420303052013112665] for the Bole International Airport Expansion Project (Chinese name: 博莱国际机场). According to The Reporter Ethiopia, the cost of the project was initially estimated to be 250 million USD, which was fully financed by the EXIM Bank of China; however, additional work incorporated into the project raised costs to 345 million USD. This cost increase is, in part, due to an increase of total floor area for the new terminals from 61,000 square meters to 90,000 square meters (see The Reporter Ethiopia). The project began on November 18, 2015 and it was officially completed on January 27, 2019 at an inauguration ceremony attended by Ethiopian prime minister Abiy Ahmed (see Quartz Africa). The terms of the loan are as follows: 20 year maturity, 7 year grace period, 2% interest rate, 0.25% commitment fee.The Ethiopia Airports Enterprise oversaw the project, and the China Communications Construction Company was the contractor. The French construction firm ADP Ingénierie supervised construction, while the design portion was managed by CPG, a Singapore company. The new terminal has boarding areas, lounges, recreation centers, shopping malls, offices, parking, and other facilities, while the VIP terminal will have various saloons, lounges, conference rooms, recreation centers, duty-free shops, an IT center and exclusive parking lot. The VIP terminal was designed to be used by leaders, senior government officials, diplomats and other dignitaries. The project ultimately seeks to increase the airport's annual passenger handling capacity from the current 7 million to 22 million (see 'Ethiopia aims to have strategic cooperation with China on aviation sector: minister').This airport is located in the Bole area of the city of Addis Ababa, 6 km (3.7 mi) southeast of the city center and 65 km (40 mi) north of Debre Zeyit. Its coordinates are 08°58′40″N 38°47′58″E.This project is linked to Project ID #58583, a $117,300,000 China Eximbank loan for the same project to cover additional costs.

Additional details

Addis Ababa Bole International Airport is sometimes simply referred to as Bole International Airport (in Addis Ababa). English translations of Chinese government sources may also refer to the airport as Baoli International Airport (in Addis Ababa)

Number of official sources

8

Number of unofficial sources

16