HDFC Bank has signed an agreement to provide a Rs5bn ($67m) loan for the Jewar Airport project in India.

According to The Economic Times, the tenure of the loan is five years and it will be used for land acquisition and infrastructure development for the upcoming airport.

This move comes as authorities plan to raise funds by issuing infrastructure bonds to deliver the project.

Jewar Airport, also known as Noida International Airport, will be located in Gautam Budh Nagar near Delhi.

The airport is being developed through a public private partnership (PPP) model with Noida International Airport (NIAL) responsible for the overall management of the project.

Once complete, the airport will feature six runways, making it the largest airport in the country.

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Last month, Zurich Airport International signed a concession agreement to design, build and operate the airport for 40 years. A special purpose vehicle (SPV) called Yamuna International Airport (YIAL) was also created for the project.

Construction works are set to begin next year, and the first phase is expected to be completed in 2024.

An official of Yamuna Expressway Industrial Development Authority, which owns a 12.5% stake in NIAL, has confirmed to the publication that it has achieved financial closure for the first phase of the project.

The first phase of the airport will cost around Rs45bn ($602m) and will be spread over an area of 1,334ha.

Overall, the Jewar Airport project will cost more than Rs295bn ($3.95bn).