The dedication ceremony also recognized the founding of the city of Trujillo 488 years ago on May 18, 1525, during the Spanish colonial era.
The highlight of the event was the unveiling of a plaque honoring the previous landowners who made the port project possible.
"To have the first Caribbean mainland cruise port open in the place of my birth is very gratifying to me personally," said Lobo. "I am honored to have played a role in the birth of an industry that will provide a future for the people of the region for years to come."
"It is appropriate that the dedication of the new cruise port also celebrates the founding of Trujillo," said Mayor Jose Antonio Lainez. "It symbolizes both the resilience of the citizens of Trujillo and the future potential of this historic city."
"Without the cooperation of the many land owners and their families, this project would not have been possible," said Randy Jorgensen, general manager of Grande Trujillo Authoridad. "This spirit has been taken up by the citizens of Trujillo, making Banana Coast a very welcoming destination for cruise ships."
Themed "Where the Rainforest Meets the Sea," the $30 million Banana Coast project is the newest cruise destination in the western Caribbean. Construction on the passenger-reception and shopping center was completed in February and a full slate of shore excursions for cruise passengers has been designed.
The groundbreaking ceremony for the port development was held in March 2011, with construction of the facility beginning in August 2011.
Banana Coast has signed Holland America Line as the first cruise line to schedule regular calls at the new port. Holland America Line's 1,260-passenger Ryndam is slated to call at Banana Coast 11 times beginning Nov. 19, 2014 -- Banana Coast's first scheduled visit by a cruise ship -- followed by the Dec. 17, 2014, call from Silversea Cruises' Silver Cloud and Oceania Cruises' Riveria, which is slated to call in 2015.
Photo shows from Left to Right: Randy Jorgensen, Porfirio Lobo Sosa, Jose Antonio Lainez