The Cancun International Airport has inaugurated a new terminal projected to make it Mexico's second busiest, with an estimated 31 million passengers per year.

A government statement says the 18-gate Terminal 4 increases annual capacity by about 9 million passengers and was built for a little over 3.4 billion pesos ($177 million).

The building covers more than 67,000 square meters (700,000 square feet) and expands the airport's footprint by about 37 percent.

President Enrique Pena Nieto presided over Tuesday's inaugural ceremony at the airport for the Caribbean beach resort city. According to government figures, Cancun is the country's No. 1 destination for international tourists and No. 2 for domestic travelers.

Mexico City's Benito Juarez is the country's most-traveled airport, with 41.7 million passengers last year.