Industrial and Commercial Bank of China Ltd will invest in a new 650 million pound ($1 billion) business district at Manchester airport, the Financial Times reported.

Known as Airport City, the project aims to build a business district covering about 60 hectares next to the airport so that international companies can open facilities there with easy access to other European cities, the newspaper said.

The project was proposed in January 2012. Since then, Manchester Airports Group Plc has been work to attract Chinese businesses to settle in Airport City, Chief Executive Charlie Cornish told China Daily earlier this year.