Ethiopian Airlines borrows $159 million from AfDB

Ethiopian Airlines has taken a loan of $159 million from the African Development Bank (AfDB), which it will use to finance an expansion plan that includes doubling its fleet. The state-owned carrier currently has 80 planes, with a further 50 on order.

The AfDB said in a statement:

"The Bank's support will allow Ethiopian Airlines to keep the momentum on its expansion plan and be on track on its route operating road map."

Last year, the International Air Transport Association (IATA) ranked Ethiopian Airlines the largest in Africa by revenue and profit. The airline had revenue of $2.22 billion in the 2014/15 fiscal year. It aims to increase this to $10 billion with the next decade - hence the expansion plans.

Pictured: Meseret Bitew, A/Chief Financial Officer