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Chinese-Colombian consortium Air Plan will invest US$20mn in the Antonio Roldán Betancourt airport in Antioquia department's Carepa district, local paper La República reported.
The airport will be upgraded over the next five years and works will include the construction of new passenger and cargo terminals.
The concession contract was signed on Monday by Air Plan and Colombia's civil aviation authority Aerocivil.
The project includes expanding and improving the airport runway, building a new 2,000m2 passenger terminal, purchasing safety equipment, and developing and implementing a security system.
Works will also include the maintenance of the facility's sewerage system.
Air Plan, formerly known as Centro Norte, will also be responsible for the upgrade and operation of airports Olaya Herrera, also in Medellín; Los Garzones in Montería; El Caraño in Quibdó; Las Brujas in department Sucre; and Medellín's José María Córdova international airport in Ríonegro, also in the Antioquia department.