Korea Airports Corporation (KAC) will undertake construction of a new international airport Chincero, Peru, in a government-to-government deal valued at $500 million.
The project is expected to run from 2019 to 2024.
The launch event of the airport, which appears to be named International Airport of Chinchero-Cuso, took place at Lima on 1 November.
KAC is a South Korea public-private consortium which includes Dowha Engineering, Kunwon Engineering and Hanmi Global, it states in a press release.
It will act as the overall manager for the construction, process management, and commissioning on behalf of the Peruvian government.
KAC plans to incorporate Korean technology in the airport, in the form of airport biometrics and AI technology.
“Chinchero Airport is expected to become a global-class international airport representing Peru as the gateway airport to Machu Picchu, the world's tourist destination,” says Son Chang-wan, KAC president.
“We will do our best to create a world-class airport by spreading the experience and technology of (South Korea) and (KAC)."
Earlier this year, media reports indicate that Canadian construction companies were also bidding for the same project.
The airport is expected to open direct routes between major Latin American cities and the US, but critics fear it would harm the famed archeological site of Machu Picchu.