The construction of a new mega airport in Ethiopia has received a $500 million commitment from the African Development Bank (AfDB).

AfDB President Akinwumi Adesina and Ethiopian Airlines Group Chief Commercial Officer Lemma Yadecha formally signed the deal on Monday, designating the AfDB as the Mandated Lead Arranger.

The bank will lead the charge to fund up to $8 billion for the development of the airport. “This top-notch airport will be an essential entryway to development and success.

By 2035, it will rank among the top 20 aviation hubs worldwide, making it more than just a transportation center, according to Ethiopian Finance Minister Ahmed Shide.

It is anticipated that the new airport would grow to be the biggest in Africa. Twenty percent of the anticipated $10 billion in project finance will come from state-owned Ethiopian Airlines.

At the moment, Addis Ababa Bole International Airport can accommodate up to 25 million passengers a year when operating at near capacity.

According to authorities, the planned Bishoftu International Airport will compete with major hubs in Johannesburg, Casablanca, and Dubai and treble Ethiopia’s tourist influx.

The airport, which will be built in two stages and initially handle 60 million people a year until reaching its full capacity of 110 million, is situated around 40 kilometers from the capital.

The project is expected to be finished in 2029.