On 17 september 2013, the Government of Nunavut announced that it has signed the contract with Arctic Infrastructure Partners to design, build, finance, operate and maintain the Iqaluit International Airport Improvement Project.

In July, Arctic Infrastructure Partners was selected as the preferred proponent to deliver the project. Materials and equipment will be delivered during the 2013 sealift season and construction will begin in the spring of 2014. The project is expected to be completed at the end of 2017.

With a total investment of C$300 million, on 25 September 2012 the project got a C$77.3 million federal funding injection through the P3 Canada Fund.

Arctic Infrastructure Limited Partners has financed the project through a C$140.98 million ($134.1 million) bond sale which will mature in June 2047. CIBC World Markets Inc. was the manager of the sale.

The project:

The Iqaluit International Airport Improvement Project includes the design, build, finance, maintain and operate of new airport building; expanded aprons for planes to park; new lighting systems; an upgraded runway; and a new combined services building that will house the fire-fighting vehicles/support equipment and the heavy equipment that maintain the runways and aprons.

Source: Nunavut Department of Executive and Intergovernmental Affairs