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ULAN BATOR, Mongolia, May 14 () -- Japan's Mitsubishi Corp. and Chiyoda Corp. announced a 50 billion yen ($492.4 million) agreement to build an international airport in Mongolia.Mitsubishi, on its website, said the agreement was reached with the Civil Aviation Authority of Mongolia. Chiyoda is an integrated engineering company based in Tokyo"The contract price is approximately 50 billion yen," the announcement said. The airport would be built on the plains about 50 kilometers (31 miles) southwest of Ulan Bator, capital of the North Asia country."The scope of the project includes civil engineering works such as the transfer of approximately 3 million cubic meters of earth to build the foundation for a 3,600 meter (11,811 feet) runway equipped to accommodate large aircraft, and the construction of a 33,000 square meter passenger terminal with capacity for 2 million passengers per year," the announcement said.The work also will include putting in place other special systems and equipment including IT, air traffic control and aircraft fuel hydrant systems,[url=http://www.fbrecs.com/]Jimmy Choo handbags[/url], the companies said.The construction period is expected to last three and a half years taking into account the severity of Mongolian winters.The announcement said Mongolia, with its abundant mineral and livestock resources, has enjoyed high economic growth in recent years. Its gross domestic product grew 17.3 percent in 2011.Currently, Mongolia's only international airport, the Chinggis Khaan International Airport, is closer to the mountains, which restrict its operations because of climatic conditions. The country needs another airport to serve its growing international air traffic."Given the importance of this new airport development, the Mongolian government has earmarked approximately 10 percent of its annual budget for the project,[url=http://www.chronotime.net/]cheap christian louboutin shoes[/url]," the companies said. The resources will be supplemented with funding under the Japanese government's special loan scheme.