The facility will service the Stena Line operations between Belfast and Scotland and will replace the existing facility at nearby Stranraer.
The port will safeguard 500 jobs and deliver significant investment to Dumfries and Galloway, Scotland's First Minister Alex Salmond has revealed.
The First Minister joined Stena yesterday to welcome formal Parliamentary approval of the transport project, which will create around 900 jobs during the 20-month construction phase.
Relocation of Stena Line's operations from Stranraer to the new Loch Ryan Port will shorten crossing times between Scotland and Northern Ireland.
The creation of the new Port will also aid the regeneration of the waterfront at Stranraer, providing an opportunity to develop 26 acres of waterfront and strengthen the town's reputation as a marine leisure destination.
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First Minister Alex Salmond said: "This new development will safeguard and create 1,400 jobs and trigger significant investment in Dumfries and Galloway. I am delighted to welcome the decision to approve this project and Stena Line's commitment and continuing contribution to the Scottish economy.
"The relocation of the port to the new Loch Ryan Port will also aid tourism with faster crossings between Scotland and Northern Ireland and help the regeneration of Stranraer as a major marine leisure area.
"This is a significant day for transport and investment in Scotland, and today's announcements highlight the Scottish Government's continued commitment to working with investors to support jobs and the economy and to keep Scotland moving."
Dan Sten Olsson, Chairman of Stena Line said: "Today is a historic day for the people of Scotland and indeed Northern Ireland.
"The investment we have announced will provide Scotland with a first class port facility which underlines and enhances the port's prominence as the third largest gateway in the UK.
"The link between Scotland and Northern Ireland provides a huge number of benefits for both countries.
"Tourism and freight business between Scotland and Northern Ireland has seen significant growth in recent years and despite the current difficult trading conditions, we are confident that an investment of this magnitude will pay dividends over the medium to long term.
"We believe that working in partnership with the Scottish Government and their counterparts in Northern Ireland we will have state-of-the-art facilities that everyone can be proud of."
David Gass, Regional Operations Director, Scottish Enterprise South added that the project safeguards vital local jobs and enhances the connectivity of the region.
(GK/BMcC)
