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Banks set sights on Cox’s Bazar tourism

Sajjadur Rahman
Banks moved to exploit tourism business potential at the world's longest sea beach in Cox's Bazar.
Three private commercial banks (PCBs) Prime, Pubali and Mutual TYust have tied up to embark upon aTk 50 crore worth 5-star hotel project on the beach.
"The hotel business has a bright prospect there. The present capacity does not meet the demands and there is no 5-star hotel there,” said Habibur Rahman, entrepreneur of the project and chairman of Configure Engineers and Construction Company.
The hotel would be named after Crown Palace, a London -based 5-star chain, Rahman said. It is expected to start commercial operations in December next year.
The three banks altogether have arranged a syndicated loan
worth Tk 15 crore for the hotel project. Prime Bank is the lead arranger and agent of the syndication deal.
Banks generally invest in trade and conventional industrial sectors. Very few banks here have diversified their credit portfolio to avert risks and workload, bank ers said.
Cox's Bazar has been highly ranked on the list of the New Seven Wonders of the World because of its natural beauty and climate. More tourists are projected to visit in forthcoming years, said Touhidul Alam Khan, head of syndication and structured finance unit of Prime Bank, quoting a study.
"Considering all these points and also for diversification tile bank's credit portfolio, we have decided to fund this project," Khan said. There has been little investment from banks in the tourism sector despite immense potential, he added.
In recent years, the arrivals of tourists, both local and foreign, arc on rapid rise in Cox's Bazar.
A Prime Bank sponsored study shows the annual average number of foreign tourists arrival is projected at 317,000 for the 2008-2011 period, while local tourists are also rushing to Cox's Bazar on
occasions like Eid, Durga Puja, other holidays and to host picnic parties.
“Some 16.5 lakh locals usually visit the scenic Cox's Bazar annually," Khan said, quoting the study conducted in January 2008.
In addition, the study found a further five lakh local and foreign
visitors from business houses, including garment buyers, traders, investors, wage earners, foreign and local government officials, NGO and embassy people occasionally holiday on the beach.
The Prime Bank study shows 60 hotels in operation by
Bangladesh Parjatan Corporation and the private sector at Cox's Bazar. The combined accommodation capacity of these hotels is 2,625 rooms, including 1,074 air-conditioned ones.
A good number of large and small-scale hotels have been built in 2008. The total number now stands around 150.
Investors are sensing a good number of tourists, both foreign and domestic, would visit Cox’s Bazar in the years to come, as the beach is highly ranked on the global survey of The New Seven Wonders of the World.
Sujit Barua, manager of a Parjatan Corporation-owned hotel, also admitted to the rush of tourists in Cox's Bazar.
"There is no vacancy in any hotel during February 19-22 because of the holidays centering 21st February," Barua said.
sajjad@lhedailystar.net