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The Government of Peru has approved the final engineering reports submitted by Kuntur Wasi, a consortium formed by Peru's Andino Investment Holding and Argentina's Corporacion America, for the Cusco airport concession.
Construction works are now expected to start next year and the construction period is estimated at 5 years.
In April last year Peru's private investment promotion agency ProInversion announced that the Kuntur Wasi consortium won the tender process for the project. The team beat out from competition the other two teams that submitted bids for the project.
The new airport will cover an area of 40,000 sq. meters and will replace the existing Alejandro Velasco Astete air terminal, which serves tourists visiting the the city of Cuzco and the nearby Inca citadel of Machu Picchu and is Peru's second-busiest.
It is expected that the airport will have an initial capacity to serve 5 million passengers annually but that total will rise to 8 million in ensuing years. It will have links to destinations in South American countries including Argentina, Ecuador and Chile.
The concession contract involves the design, construction, financing, operation and maintenance of the new International Airport of Chinchero - Cusco. The concession contract will have a period of 40 years.
The total project investment is estimated at US$637 million.
Cusco city is located in southeastern Peru, near the Urubamba Valley of the Andes mountain range. It is the capital of the Cusco Region as well as the Cusco Province. The city has a population of approximately 450,000 inhabitants.
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