NDB supports tourism development projects

NDB provides financial support to construct hotels, renovation, refurbishment and upgrading existing hotels to support the accelerated development of tourism as an emerging sector of the economy.

Upto November 2012, NDB approved project loans amounting to Rs. 1.9 b for hotel projects in strategic tourist locations such as Passikudah, Hikkaduwa, Mount Lavinia and Waskaduwa in Western Province, Dambulla in the North Central Province and Kandy in Central Province.

"Among these projects, are two boutique hotels with novel features while one of the upcoming hotel projects financed by NDB in Passikudah is in the 5-star category," a spokesman for the bank said. "Upon completion of these projects, 228 new rooms will be added to the existing hotel room capacity in the country," he said.NDB is at present considering proposals exceeding Rs. 2 b in value, to finance the construction of new hotels. The proposed hotel projects are expected to be built in strategically located venues such as Negombo, Ambalangoda, Weligama and Nuwara Eliya.