KPMG Named Financial Adviser for Bishoftu Airport Financing Including $954M Rail Link

Ethiopian Airlines Group has named KPMG International Limited as financial adviser and a mandated lead arranger partner for financing its Bishoftu International Airport project, with reporting on March 4, 2026 noting the plan includes a $954 million rail connection. The airline will work alongside the African Development Bank in arranging funds while Dar Al‑Handasah Consultants serves as technical adviser, the reporting says.

The greenfield project sits at Abusera, near Bishoftu roughly 40 kilometres southeast of Addis Ababa, and spans about 35 square kilometres. Sources differ on headline cost: a Trade/US International Trade Administration extract and KPMG social posts refer to a $12.5 billion transaction, while other reporting cites a $12.7 billion valuation. Birr Metrics described the scheme as designed to handle up to 110 million passengers annually, writing: "The airport is designed to handle up to 110 million passengers annually, more than four times the airline’s current capacity, and accommodate extensive cargo operations across multiple runways."

Project documents and technical briefs identify a staged delivery. Trade/US ITA material sets Phase I at a 1.1 million square metre terminal with capacity for 60 million annual passengers by 2029, more than 100,000 square metres of cargo facilities, and two parallel Code 4E runways in Phase I with two additional runways planned in Phase II. The Trade material also states the project was in advanced planning and pre‑construction as of 2025 and that major construction was slated to commence by 2026.

Dar Al‑Handasah's submission to Ethiopian Airlines is reported to include a full technical and commercial package; Birr Metrics records that package as "the master plan, financial feasibility report, environmental and social assessments, geotechnical investigations, concept designs for terminal, airside and landside infrastructure, cargo and MRO facilities, transport links to Bole International Airport, fuel farm, utilities, cost estimates, and packaging structure." Sidara Group (formerly Dar Group) signed a design and advisory contract with Ethiopian Airlines in August 2024 and is said to lead a design consortium that includes Zaha Hadid Architects and Pascall+Watson.

KPMG staff signaled the firm’s active role on social media. In a LinkedIn post captured in reporting, James Woodward wrote: "My first day of work for 2026 at the groundbreaking ceremony for Bishoftu International Airport in Ethiopia. Wonderful to see the airport’s innovative designs official released too. Congratulations to Ethiopian Airlines and the Government of Ethiopia on this milestone. It will be a big year for our KPMG East Africa and KPMG Africa Infrastructure Advisory team as we continue to execute our mandate as financing advisor to Ethiopian Airlines on this $12.5bn transaction."

Several important items remain to be formalised for the financing phase. Birr Metrics notes a legal adviser "is expected to be appointed shortly" to complete Ethiopian Airlines’ advisory team, and reporting does not yet specify the syndication structure or which institution will underwrite the $954 million rail link. Sources use different corporate descriptions for KPMG in the coverage, with one item calling KPMG International Limited a "British multinational professional services network" and another referring to KPMG as a "U.S. firm," leaving the exact entity and domicile for the engagement to be clarified.

Ethiopian Airlines frames the project as strategic for national and regional aviation capacity and local economic participation; Birr Metrics records the airline saying the airport is intended to "strengthen Ethiopia’s position as a continental aviation hub, integrating passenger, cargo, and logistics operations while addressing social and economic participation for affected communities." With Phase I targeting 2029 capacity and a reported 2026 start to major works, KPMG and the African Development Bank will now move into arranging the multibillion‑dollar financing and finalising the advisory roster.