The Overseas Private Investment Corporation (Opic) has approved up to US$200mn in financing for the construction of a new international airport in Ecuador, enabling the country to move one of its two main airports out of the centre of Quito and thereby accommodate greater commercial air traffic and improve safety.

Opic will provide an investment guarantee to Corporacin Quiport, established in part by US sponsor Has Development Corp, affiliated with the Houston Airport System, for the construction of a new airport about 15 miles outside Quito and the continued operation of the existing airport until the new one is completed. Quiport won a concession to undertake the project in January 2002.