Venezuela's government will invest US$700mn in the construction of an international airport in Barinas state, the government reported in a release.
The project will include the construction of a 3.2km runway and is expected to take five years to complete, state news agency ABN reported.
The facility's construction was launched on November 2 by President Hugo Chávez.
The airport, known as Barinas, will be located in Cruz Paredes municipality's Barrancas area.
According to Chávez the airport is not only an infrastructure development initiative, but also an opportunity to develop changes in the economic and social model of Venezuela's southwestern states.
The airport will promote travel within Latin America as part of his "Bolivarian" connectivity development plan.
Last week, Barinas government officials inspected the site where the airport will be built.