Carnival Corporation and two of its cruise line brands today signed an agreement with the government of The Bahamas to build two major port developments, according to a press release.

Carnival Corporation will develop a new cruise port destination primarily for Carnival Cruise Line on Grand Bahama, and construction of a new addition, including a pier, on the Bahamian island of Little San Salvador, home to Holland America Line's Half Moon Cay port.

The Grand Bahama project will represent an investment of over $100 million, and the development on Little San Salvador will be an estimated $80 million investment over time.

The agreement was signed today at the Prime Minister's Office in Grand Bahama at a ceremony that included Dr. The Most Honorable Hubert A. Minnis, prime minister of The Commonwealth of The Bahamas; Deputy Prime Minister and Minister of Finance The Honorable K. Peter Turnquest; Senator The Honorable Kwasi Thompson, minister of state for Grand Bahama; and other cabinet ministers. Several Carnival Corporation and Carnival Cruise Line executives were also in attendance, including Giora Israel, David Candib, Armando Corpas and Marie McKenzie, all from Carnival Corporation's port and destination team and the leadership team for both new port projects. Also on hand were Terry Thornton and Chris Chiames, both representing Carnival Cruise Line.

"We are very pleased to announce that Carnival Corporation's projects in the Bahamas are full speed ahead," said Prime Minister Minnis. "These developments and the significant investment in world-class tourism and hospitality operations are such a boon for our initiatives for national prosperity and economic stability."

Once environmental and other permitting processes are completed, construction for both projects is projected to start by mid-2020.

"This is an exciting day for all of us involved with these two extraordinary development projects," said Israel. "We have been working with the prime minister and his staff for some time with a shared vision for our design plans, and we want to extend our sincere gratitude for their collaboration and partnership. Our collective goal is to maintain the reputation of The Bahamas as one of our most popular and welcoming destinations for years to come, and it is very rewarding to see our joint vision finalized with today's agreement."

Added Israel: "In the aftermath of Hurricane Dorian, there is poignancy with the timing of today's agreement, and as we prepare for the pre-construction phase of these projects to begin early next year, they will provide jobs and a major boost to the recovery and rebuilding effort. At the same time, it is important to point out that much of The Bahamas experienced little impact from the storm. In fact, three of our brands – Carnival Cruise Line, Holland America Line and Princess Cruises – announced two weeks ago that they are resuming regular sailings to Nassau, Half Moon Cay and Princess Cays this and next month, which is great news for the country. And now, with today's agreement, our new projects will continue to build on the country's reputation as one of our most popular destinations, while also providing jobs and economic impact that will support the effort to recover and rebuild, stronger than ever."