Moscow-based international airport Sheremetievo and Vnesheconombank (VEB Bank) have plans to jointly carry out a passenger terminal project at Vladivostok’s international airport, VEB president Vladimir Dmitriev and Sheremetievo CEO Mikhail Vasilenko unveiled upon signing of a memo of intent.

VEB will reportedly allocate $175m for construction of the new terminal.

As a result of the upgrade, the Vladivostok airport’s capacity will be boosted to 3.5 million passengers a year, the project developers said.