Key elements of the Manchester Airport Transformation Programme include the expansion and reconfiguring of Terminal 2, to become the airport’s primary terminal building.
Terminal 3 will also be expanded to cater for more passengers and flights.
Other plans include the introduction of new and enlarged airside transfer facilities, including a direct link between Terminals 2 and 3.
There will also be new stands and piers constructed to improve departure gate facilities, while the local road system will also be upgraded to make surface access easier.
Manchester Airport Group (MAG) chief executive Charlie Cornish said: “Manchester Airport is thriving as a national asset, forming a key component of the UK’s aviation infrastructure at a time when airport capacity in the country is at a premium. The region in which the airport operates and serves has seen a pace of change in recent years almost unmatched by any other in the United Kingdom and we are proud of the role that we have played in driving economic growth – both across the north and the UK as a whole.
“Manchester Airport has responded well to the considerable changes in the aviation industry over the last 20 years and we have invested heavily to meet the needs of our airline customers, passengers and local communities.
“Today, we’re setting out how the airport will contribute to the development of a northern powerhouse and demonstrating the dynamic, can-do spirit that sums up the region. The Transformation Programme will ensure Manchester Airport plays its full part in driving economic growth and develops as a key part of the UK’s transport infrastructure, within a nationwide network of competing airports.”
The investment plan was welcomed by chancellor of the exchequer George Osborne, who said: “Today's announcement of £1bn of private sector investment in Manchester Airport is a massive vote of confidence in the north of England and in our plan to build a northern powerhouse. The investment, which will completely transform Manchester Airport and double its capacity, will help ensure that it continues to compete with global airports across the world. It will play a key role in this one nation government’s plan to rebalance the UK economy and boost productivity and is fantastic news for working people across the north.”