Ethiopian Airlines (ET, Addis Ababa International) has asked its parent company, sovereign wealth fund Ethiopian Investment Holdings (EIH), to increase its capital from ETB100 billion birr (USD186.2 million) to ETB300 billion (USD558.5 million). The airline's CEO, Mesfin Tasew Bekele, said the additional capital is needed to accommodate expansion plans and to smooth out the carrier's financial affairs.

"We are still importing new planes. At the time of import, the debt-capital ratio should be balanced. Most of the time, aeroplanes are bought with loans, so a higher level of wealth must be reached in order to be accepted by the lenders," he told the Ethiopian Reporter news outlet.

EIH's board will reportedly meet to consider the request. ch-aviation has approached EIH and Ethiopian Airlines for comment but no spokespersons were available before publication.

Under the airline's 15-year Vision 2035 plan, Ethiopian Airlines wants to operate 200 aircraft by 2035 while generating annual revenues exceeding USD25 billion. According to the ch-aviation Commercial Aviation Aircraft Data module, the airline currently operates 126 aircraft. In the 12 months to June 30, 2022, Ethiopian Airlines recorded a net profit of USD937 million on revenues of USD5 billion.