The government of the Cayman Islands signed an agreement with a Chinese developer to finance and build a cruise port in George Town, Grand Cayman.

The memorandum of understanding between Premier McKeeva Bush and the China Harbour Engineering Co., which has not yet been signed by the Cayman Islands Port Authority, calls for a feasibility study by July with a view to beginning the project in November, according to the Cayman News Service.

No additional timeline has been announced.

No figures have been released regarding the cost, but the Chinese developer will finance and design the port.

According to the memorandum, the firm will receive a share of the passenger fees from cruise arrivals to recoup a portion of the costs.

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