Bermuda's Finance Minister Bob Richards announced on Monday that the government has signed a contract with Canadian Commercial Corporation (CCC) to get a new $200 million airport terminal building.

Canadian Commercial Corporation (CCC) is a Canadian Government organisation. CCC will select a Canadian developer to develop and operate the project.

At a press conference in the Cabinet Office, the Finance Minister hailed the redevelopment plan as "one of the most important capital projects ever undertaken on our island shores", after signing the public private partnership agreement with CCC's Luc Alari.

Groundbreaking could commence as early as next year, with the project potentially taking three years to complete.

The new infrastructure will enhance the Island's tourism product.

The project's financing model demanded "total transparency, adhering to international best practices", Mr. Richards said. He added that the redevelopment would require no initial expenditure by Bermuda - and that the project would be financially self-sustaining.

Title to the airport and adjacent lands will remain with the Bermuda Government.