President of the country's transport regulator Ositran, Juan Carlos Zevallos, said despite suspending the project in September - pending a revision of the concession's technical terms - the deal has now been granted government approval.
Private investment agency ProInversión was due to receive bids and award the tender in September this year. However, the transport and communications ministry suspended the project due to "a lack of technical depth" put down to haste on the former government's part to complete the project before the end of its term.
Further studies will be performed over the next few months and the airport project should be ready to go ahead by the end of the year, according to Zevallos.
The concession involves building a new terminal located about 29km outside of the Cuzco city centre. The airport is expected to handle 2.6 million passengers annually by 2021.