Construction of a new international airport in Peru's Cuzco region will require investment of at least US$350mn, according to private investment promotion agency ProInversion.
ProInversion, the economy and finance (MEF) and transport and communications (MTC) ministries will confirm the amount, state news agency Andina reported.
The figure does not include the value of the land, which must be discussed directly with the affected communities, according to ProInversion executive director Jorge Leon.
The terminal will be built in Chinchero district in Urubamba province, some 28km from Cuzco city center and will replace Cuzco's existing Alejandro Velasco Astete terminal.
In April, the congressional transport and communications committee approved a location for the airport and a tender to concession the project was scheduled to be launched in August, BNamericas reported at the time.