NEWCASTLE Airport's expansion is a step closer, with the Commonwealth Bank confirming it will bankroll the $240 million bill.
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The deal will underpin plans to grow Williamtown's domestic capacity and develop a new international terminal as well as helping to grow the Astra Aerolab with the construction of office and industrial space as approvals allow.
Newcastle Airport chief financial officer Allanna Ryan described securing the finance as a major step towards bringing the plans to fruition.
"The biggest beneficiaries of the airport's upgrade will be the people of the Hunter region," Ms Ryan said.
"We are delighted to partner with CBA on this critical development to support the growth and sustainability of our region."
The Newcastle Herald reported in September that the airport is working towards accommodating long-haul international flights from 2024.
A delegation sent to Singapore last year continued talks with budget airline Scoot on securing direct flights to the Asian travel and business hub.
Chief executive Dr Peter Cock said the new fiscal partnership would have benefits beyond the airport's bottom line.
"Driving greater economic and social benefits by broadening our domestic and international destinations and contributing to Newcastle's transformation from a major regional hub into an international destination and a significant second international gateway to NSW, is key to our purpose," he said.
"We also thank the federal government for investing a total of $121 million in our region's international growth."
Dr Cock said Astra Aerolab had "strong leasing interest" ahead of several buildings progressing, noting the Commonwealth Bank deal would "help us accelerate this activity to meet client demands."
The airport generates around $1.2 billion in economic activity annually, supporting about 5600 jobs.
The expansion plans would grow its 12 domestic routes across six carriers, taking its total count from 1.3 million passengers each year to cater for a forecast growth to about 2.3 million passengers by late 2027.
Commonwealth Bank regional and agribusiness executive general manager Paul Fowler said the airport was strategically important infrastructure.
"The airport's expansion and modernisation will significantly increase its capacity and improve connectivity across Newcastle, the Hunter Valley and the Central Coast, driving new business and employment opportunities that add to the region's prosperity," he said.