AFRICAN DEVELOPMENT BANK PLEDGES NEW FINANCING FRAMEWORK FOR AVIATION INDUSTRY
(Posted 24th November 2017)
The just concluded #ICAO Summit held in #Abuja, #Nigeria saw the African Development Bank make a major policy change announcement vis a vis financing of aircraft and aviation infrastructure on the ground.AfDB President Dr. Akinwumi Adesina in his address to the delegates announced that the bank will design and unveil new financing strategies to support the sector, both airlines for aircraft financing as well as the addition of new airport, airport expansion and notably also navigation and other state of the art equipment purchased by ICAO member states.
The aviation sector in Africa continues to complain about governmental, airport and regulatory fee overcharges compared with international benchmarks and also continues to fight traffic right restrictions nearly three decades since the Yamoussoukro Declaration was made.
In recent years has the African Development Bank made 1 billion US Dollars available for the aviation sector at large, mostly though for airport developments and the planned inclusion of aircraft financing will no doubt be warmly welcomed by the airlines.