The EXIM Bank of China recently agreed to provide the required additional funding. Wondim Teklu, head of the Ethiopian Airports Enterprise (EAE) Communications Affairs Office, said it is the EAE would pay back the loan.
By Kaleyesus Bekele |
The Export-Import (EXIM) Bank of China has agreed to provide additional 120 million dollars loan for the Addis Ababa Bole International Airport passenger terminal expansion project which is under way at a cost of 345 million dollars.
Wondim Teklu, head of the Ethiopian Airports Enterprise (EAE) Communications Affairs Office, told The Reporter that EXIM Bank of China has agreed to provide additional 120 million dollars loan to the Addis Ababa Bole International Airport passenger terminal expansion project. Wondim said the bank is holding talks with the Ministry of Finance and Economic Cooperation (MoFEC). “Once the negotiation is finalized an agreement would be signed,” he said.
The Ethiopian Airports Enterprise embarked on the Addis Ababa Bole International Airport Passenger terminal expansion project 14 months ago. The Chinese construction firm China Communications Construction Company (CCCC) is the contractor of the project while the French consulting firm, ADPI, is supervising the construction.
The terminal is being built on the left and right side of terminal two. The new terminal building will have two storeys comprising of main terminal, and VIP terminal. The terminal, among others, will have a shopping mall, IT center and recreation centers. A modern parking lot will also be built.
The cost of the project was estimated to be 250 million dollars which was fully financed by the Chinese EXIM Bank. However, due to additional work incorporated in the project the project cost spiked to 345 million dollars creating 120 million dollars financing gap. Originally the two-storey building was planned to have a total floor area of 61,000sqm. But this has been increased to 90,000 sq.m.
EAE has been looking for additional loan to fill the financing gap. The EXIM Bank of China recently agreed to provide the required additional funding. Wondim said it is the EAE would pay back the loan.
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