Ethiopian Secured a 50 Million Euros Loan

 By Alemayehu Bacha

ETAEthiopia’s flag carrier Ethiopian Airlines has concluded a loan agreement of 50 Million Euros with the Agence Française de Développement (AFD). The loan is going to used for financing the construction of the new state of the art cargo terminal.

It was the Chief Executive Officer of Ethiopian, Tewolde Gebremariam, and Mr. Christian YOKA, AFD Regional Director, that signed the agreement on Friday, June 20, 2014 at the Airlines headquarter. The signing was made in the presence of France’s Ambassador to Ethiopia, Ms. Brigitte Collet.

Commenting on the agreement, Tewolde said the loan will enable his company build a new cargo terminal which upon completion will have an annual capacity of 1.2 Million Tons.

The newly to be constructed cargo is part of the Airlines’ Vision 2025 plans which aims to support the nation’s fast growing export of perishables.

The CEO also passed his gratitude for the Airlines’ longtime partner AFD, the French Government, and the French Embassy in Addis Ababa. He thanked AFD for the support it has made fort the expansion work of the Airlines’ Academy.

YOKA on his part said “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” .

Source: Ethiopian Airlines Press Release