Ethiopian Airlines (EAL), an Ethiopian public company with continental outreach founded in 1945, is – along with its Addis Ababa airport hub – central to the national export strategy. It has a fleet of over 76 recent aircraft, including 6 B777-200LRF and 2 B757-260F for freight transport. With 5.5 million passengers in 2014, including 70% in transit, the average annual growth in its activities exceeds 25% and the company has only had one unprofitable year since its creation. Like other renowned companies, EAL has developed an ambitious strategic and industrial plan, “Vision 2025”, with highly operational objectives: renewal of its fleet in order to save 20% on fuel and increased productivity to reduce its operating costs. In addition, EAL’s strategic position in Africa was strengthened in 2011 when it joined Star Alliance, which has already allowed it to work with a number of commercial banks and institutional donors, mainly for the financing of its fleet. Furthermore, in 2010, AFD granted a EUR 30m loan for the construction of the EAL regional training center. In this context, in May 2012, AFD was once again called on by EAL, along with other financial institutions, to finalize the financing plan for the new freight terminal.
The project involves building a hangar with a capacity to manage up to 600,000 tons of freight a year. It comprises the creation of: Arefrigerated area for a separate handling of meat and horticultural products; An area for dry products, such as leather; A specific parking area for up to eightBoeing 747-800 (one of the biggest cargo aircraft) to be parked simultaneously. This project will increase export volumes, mainly for vegetable products (which accounted for 43% of EAL’s freight traffic in 2015), cut flowers (9%) and meat (5%). Ethiopian Airlines is the contracting authority and beneficiary of the loan. These facilities are intended to support the development of Ethiopian Airlines’ freight activity and meet the requirements of the other airlines who charter to Ethiopia. The total project cost is estimated at EUR 115m. EAL is financing approximately 10% of the project cost on its own equity. The remaining financing needs of EUR 103m will be provided by AFD (EUR 70m) and Germany’s KfW-IPEX (EUR 33.4m).
This project is fully in line with the priorities of the Ethiopian Government’s agricultural development policy by increasing Ethiopia’s export capacity, which is a determining factor for the success of the country’s strategic development plan (Growth and Transformation Plan II – GTP II), and supporting the economic, agricultural and horticultural development of the country. It will support the structuring of the export industry, based on strong value-added agricultural products, and will reinforce opportunities for local farmers (market gardening and livestock raising). Finally, the project will improve the operational efficiency of Ethiopian Airlines, as well as the service provided to exporters of perishable products.
sur le même thèmePublished on29 September 2010Published on19 July 2007
sur le même outil financierPublished on09 September 2014Published on03 March 2011