ECONOMYNEXT – The International Finance Corporation (IFC), part of the World Bank Group, is investing US$27 million in Melwa Hotels and Resorts Private Limited to build three hotels across Sri Lanka which will be operated by Hilton Hotels.
The investment will help Melwa Hotels, a subsidiary of steel manufacturer Melwire Rolling Private Limited, to develop three new hotels outside of Colombo, in Yala, Kosgoda, and Negombo, a statement said.
IFC had earlier said the funding will be for a 42-room hotel in Yala, a 196-room hotel in Kosgoda and a 96-room hotel in Negombo.
“The investment will increase Sri Lanka’s capacity in the tourism sector, create jobs, and generate more foreign exchange,” the IFC said.
“In addition to the funding, Melwa will also benefit from IFC’s expertise and advice as we diversify in to tourism,” said P. P Muruganandhan, Managing Director of Melwa, which is a new entrant to Sri Lanka’s tourism sector.
Amena Arif, IFC Country Manager for Sri Lanka and Maldives., said IFC will also provide advice to Melwa Hotels on how to manage environmental and biodiversity matters to minimize their environmental footprint.
(COLOMBO, May 02, 2018)