The construction of Istanbul's third airport will be completed on time, Transportation, Maritime Affairs and Communications Minister Ahmet Arslan said yesterday, adding that around 85 percent has been completed so far.

"A [financial] bottleneck is out of question in the project. The project will be completed on time," Arslan told Anadolu Agency (AA).

Arslan's remarks came after media reports claimed that there is financial difficulty appearing at the biggest airport project in the world.

Arslan said the contractor continues its investment in accordance with the approved work program.

The official opening of the first phase of the new airport is planned to take place on Oct. 29, the day Turkey marks its Republic Day.Arslan previously said around $10.2 billion was invested in the project and that it would generate around $22.2 billion in 25 years before value-added tax (VAT).

When the first phase is completed in 2018, it will have the world's largest terminal under one roof, with a gross floor area of nearly 11 million square feet and the ability to accommodate 90 million passengers a year.