Liverpool City Region Combined Authority has approved funding for a new Liverpool Cruise Line Terminal.

According to the Liverpool Express, the £20m of funding is being used to replace the current temporary terminal on Princes Dock with a new one, which will even include an adjoining hotel and a multi-story car park. Liverpool City Council will head the construction project, according to the paper.

The current terminal generates more than £7m a year to the Liverpool’s economy; however, the new facility will enable the world’s largest cruise ships to dock at the city.

“The visitor economy is increasingly important to the whole of the Liverpool City Region and a new cruise liner terminal will help this vital sector continue to flourish,” said Steve Rotheram, Metro Mayor of the Liverpool City Region,

Anderson said during the announcement that they’re also working in partnership with the Combined Authority and “some of the very best in the engineering industry” to bring this new facility to life, which will help Liverpool’s economy flourish.

The first phase of construction started in May of this year.