Schiphol Group shareholders have approved plans to build a new pier and terminal at Amsterdam Airport Schiphol, Netherlands.

The shareholders include the Dutch State, the Municipality of Rotterdam, the Municipality of Amsterdam, and Aeroports de Paris.

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The expansion of the airport will serve for the long-term capacity growth at the airport.

Slated to be completed in 2023, the new terminal will be built south of Schiphol Plaza next to the air traffic control (ATC) tower.

"We are making investments in order to reinforce, improve and expand our infrastructure, our quality and our accessibility."

It will be connected to the existing terminal and be capable of handling nearly 14 million passengers every year.

Expected to open in late 2019, the new pier will be located near Cargo Station One.

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The pier will be able to accommodate up to either three wide-body or up to five narrow-body aircraft, or 11 narrow-body aircraft in total.

Aircraft stands for narrow and wide-body aircraft will be installed on the south side of the pier.

With the expansion, Schiphol Group aims to boost the competitive position of Mainport Schiphol.

Schiphol Group CEO Jos Nijhuis said: "We are making investments in order to reinforce, improve and expand our infrastructure, our quality and our accessibility.

"This commitment has made the realisation of the new pier and terminal possible.

"It represents a hefty investment that will simultaneously provide the foundation for our continued capacity growth, including long-term aspects such as space to further expand the piers in the future."

Preparation for construction of the new facilities is already underway, including expansion of the parking facilities, improvements for the drop-off road, and the demolition of the Schiphol Cargo Centre.