Cruise giant Carnival Corporation has singed a memorandum of understanding to build a deepwater port in the Dominican Republic.

Miami-based Carnival will finance and build the $65 million port on the north coast of the country, just west of Puerto Plata.

Carnival said that the facility will be able to accommodate two post-Panamax ships when completed by fall 2013.

The cruise line has singed up Dominican joint-venture partner the Rannik family to the project, which will be base at Maimon Bay.

The project will include a transportation hub and a retail, dining and recreation complex.

The company did not say which ships or brands might visit the new facility.

Carnival brands include Carnival Cruise Lines, Holland America Line, Princess Cruises, Cunard and Seabourn.