Canada's Aecon Group has signed a contract to finance and act as the master concessionaire partner for the new Quito International Airport project in Ecuador. The total cost of the project is $585m, which will

be provided through sponsor equity contributions from Aecon and its partners, debt raised from the project lenders and by operating profits generated from the existing Quito airport during the construction period.
Aecon now holds a 45.5% share in the airport concession through its stake in Corporacion Quiport S.A. (Quiport), which holds concession rights for the airport. Quiport was awarded a concession in 2002 to design, build, finance and operate a new airport to replace the existing smaller airport currently serving the city. Quiport has been operating the existing Quito airport since November 2002 and will continue to operate it until the new airport is complete in four and a half year's time.
Quiport will then begin its 35-year concession contract which affords it rights to collect all revenues from airlines, passengers and retail concessions at the Airport until 2040.