Solent Local Enterprise Partnership is to invest £15.9 million in several significant projects including the new terminal. Money is coming from the government’s Getting Building Fund for projects that will drive the local economy.

Plans for the fifth terminal go back as far as 2010, but funding now looks to have been agreed for the project.

The Enterprise Partnership said construction “will deliver an iconic wave inspired building with solar generation and shore power, ensuring a world-leading zero emissions facility for cruise vessels in port”.

Associated British Ports regional director Alastair Welch said: “We are pleased to hear of the announcement confirming the government’s continued support for the cruise sector, which is crucial to our economy. 

“We look forward to confirming the details linked to this announcement to ensure we are able to support the resumption and future growth of cruise as soon as possible.”