Authorities in Russia’s Nizhny Novgorod in the Volga region intend to modernize the local airport and turn it into a major regional transportation hub, a local deputy governor has said.

The airport development project was unveiled at the international commercial property exhibition MIPIM-2010 in France’s Cannes. 

The modernization of the airport located near Russia’s fourth largest city of Nizhny Novgorod, will allow for a five-fold increase in annual passenger turnover by 2030, to almost 1.5 million from today’s 280,600, Valery Anglichaninov said.

The project, which includes building a large logistics complex near the airport, was developed by the German construction company Hochtief, Anglichaninov said.

“The realization of this project would allow integrating railways and airways, water transportation and roads,” he said.

The deputy governor said the modernization of the airport itself would cost some 75 million euros (over $103 million), and the whole project would require “several hundreds of billions of rubles.”

The project of a football stadium which could host the 2018 FIFA World Cup was also presented at the exhibition. The construction of the 40,000-seat arena worth 150-200 million euros ($207-275 million) is planned to be completed by 2017.

CANNES, March 17 (RIA Novosti)