Sri Lanka to get investments in hydro power, hotels

Apr 22, 2010 (LBO) – Two mini-hydro power plants and new hotels and hotel refurbishment are among several investments approved by Sri Lanka’s investment promotion agency, a statement said. The Board of Investment (BOI) said it has approved and signed agreements for eight new investments worth 20 million US dollars that will create 500 job opportunities.

BOI approval is required for investors to get tax breaks and other concessions like duty free raw material and machinery imports.

The BOI statement said it signed a deal with Nilwala Vidulibala Company for a venture to establish a mini-hydro power plant at Morawaka, south east of the capital Colombo, with an investment of over 3.28 million dollars.

It also approved an investment of over 5.5 million dollars for another mini hydro-power plant, of 4,000 kilowatts capacity, at Kirkoswald Estate, Norwood in the central hills.

The listed Aitken Spence Hotels, which operates a chain of hotels in Sri Lanka, the Maldives and India, signed an agreement with the BOI for an investment project to refurbish and upgrade Neptune Hotel at Beruwala, a beach resort on the south-west coast.

The investment will be over four million dolla