📈 World Bank Repositions Colombo as Standalone Tourism Hub

• Overall Funding: The World Bank is backing a overall $ 200 Mn three-part tourism package for Sri Lanka. The first operation, THRIVE Colombo, secures $ 77 Mn to convert transit visitors into long-stay travelers. • Market Gap: Currently, only 5%–10% of international tourists stay in Colombo, averaging just a half-day stay despite the city holding Sri Lanka's largest supply of 5-star hotel rooms. Target strategy aims to extend stays to 48–72 hours. • Infrastructure Development: Initial physical upgrades will focus on two core loops: • Fort Heritage Loop: Connecting Galle Face Green, Fort heritage buildings, and Pettah with waterfront pedestrian routes. • Nature Loop: Developing urban wetlands including Beddagana and Diyasaru Parks. • Institutional & Private Sector Strategy: • Restructuring SLTDA, SLTPB, and SLITHM alongside a new Tourism Act for better data systems and skills. • Establishing a Tourism Entrepreneurship Fund to enable private-sector management of heritage assets and finance cultural events like Kala Pola and Colombo Fashion Week.