A groundbreaking ceremony will take place on Friday for a new international airport in Cusco, Peru, which will serve as a gateway for visitors to Machu Picchu, the Korea Airports Corporation said Friday.

The event will be attended by Peruvian President Pedro Castillo, Peruvian Minister of Transport Juan Francisco Silva, Korea Airports Corporation CEO Son Chang-wan, and officials from South Korea’s Transport Ministry and Hyundai Engineering & Construction.

As part of the government-to-government deal, the Korea Airports Corporation is the project management office overseeing the Chinchero International Airport project along with other parties, including a Hanmi Global-led consortium.

When the runway and terminal are built, the airport will be able to accommodate up to 5.7 million passengers, the corporation said.

The project, worth 760 billion won ($641.82 million), is set to be complete by the end of October 2024, but the Korea Airports Corporation said it is in discussions to extend the deadline to August 2025.

The project management office alone is estimated to be worth around 35 billion won.

CEO Son said he is proud that an airway connecting the international cultural site Machu Picchu with the rest of the world will be built with technology from South Korea and the Korea Airports Corporation.

“By sharing the technology to safely build and operate an airport and successfully complete the business management project including test drives, we seek to turn (the experience) into a touchstone of other global projects in South America and elsewhere.”

Earlier this year, Hyundai E&C announced it had won the main construction project for the new international airport’s passenger terminal.

The passenger terminal construction project is valued at 493 billion won, and Hyundai E&C led a joint venture consisting of global companies from Mexico and China -- Sinohydro, ICA and HV Contatistas. Hyundai represented 35 percent of the consortium, worth around 172.5 billion won.