Thailand’s Transport Minister Prajin Juntong has announced that the Japan International Cooperation Agency and a Chinese bank will offer loans for the Phase II expansion of Suvarnabhumi Airport.

As cited in Bangkok Post, he further added that funding for the THB66bn ($2.01bn) expansion for the airport would be sourced from the budget of Airports of Thailand (AoT), apart from domestic and foreign institutions.

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The Bangkok Post quoted Juntong as saying: "Domestic financial sources will be given priority. If we have enough domestic loans, there will be no need to borrow from overseas. The AoT is in the process of considering the proper ratio of funding sources and the issue is expected to be concluded soon."

"The AoT is in the process of considering the proper ratio of funding sources and the issue is expected to be concluded soon."

The second phase of the airport’s expansion will include three projects, which aims to raise the airport capacity from the current 45 million passengers a year to 65 million.

The first project will cost THB18bn ($55m) and will involve the construction of 28 new parking bays, eight of which will be used to accommodate Airbus A380 planes, while the rest would be used for Boeing B-747-400 aircraft.

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This project will also include new taxiways that would lead to the new aprons, a road tunnel connecting to aircraft operation areas and the installation of utilities such as electricity, water, wastewater treatment and a garbage disposal system.

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The second project which will cost $58m will see the construction of a 2.9km reserve runway, which will help in easing traffic on existing main runways.

As a part of the third project, the airport’s second passenger terminal spread across a 214,000m² area that will handle both domestic and international passengers, will be built towards the north of the airport’s Concourse A.

The second phase is expected to be completed by 2018.