The $US79.59 million facility is being funded through mulitple grants with the Asian Development Bank contributing $US21.3 million, the Australian government providing $US14.08 million and the Green Climate Fund supplying $US26.91 million.
The Nauru government is also providing counterpart financing of $US17.3 million.
It is due to open in December 2020 and is designed to fit Nauru's needs until at least 2050.
Currently, a third of Nauru's foreign revenue is earned from fishing licences and the aim of the port is to enhance this revenue stream.
