File Image: An Ethiopian Airlines Boeing 787 Dreamliner arrives at Kaduna airport after Abuja airport was closed down for repairs in Kaduna. (Reuters)

JOHANNESBURG - Ethiopian Airlines has signed a shareholding agreement with Zambia’s main development agency to relaunch the southern African country’s flag carrier at an initial cost of $30 million, Reuters reported. 

The Ethiopian state-owned carrier has outpaced regional competitors Kenya Airways and South African Airways to become Africa’s largest airline by revenue and profit, and has been buying shares in other African airlines to gain a competitive advantage over rivals such as those in the Gulf.

-African News Agency (ANA)