Change of Witholding Rates
An agreement has been signed between SALAMİS PARK HOTEL and IKTISATBANK in accordance with the protocol of subsidized loans approved by the Economy and Tourism sector of the TRNC and signed by the Council of Ministers on the 28th of April for the improvement and completion of unfinished hotels within the TRNC.
At the protocol signing ceremony on the evaluation of subsidized loans, the General Manager Mr. Ahmet Melih Karavelioğlu that as a country we have large potential in the tourism industry and that we should not under estimate the share of this industry our country has the potential to achieve. He went on to underline the importance of investment in the development of the sector to open up the economy to foreign competition which in turn would mean an increase in employment as well as a balance in regional development, İktisatbank is ready to provide any support towards the development and strengthening of the local economy and as such are happy to support the financing of tourism investment to make this happen.
General Manager Karavelioğlu pointed out that as a result of the signing of the loan agreement between İktisatbank and Salamis Park Hotel it means that the TRNC will gain another great 5-Star resort; he pointed out the necessity to encourage more projects and the priority to comply with international law to meet the needs of regional and sector SME’s. With the implementation of the Interest Assisted Loan Program, especially designed for the completion and modernization of the unfinished tourism investment projects and aimed primarily at 4 star and lower star rated properties. For the restoration of the Boutique Hotels in Old City of Nicosia and Famagusta or where properties will be converted into touristic accommodation KOBİGEM will contribute 5 points towards the costs involved in the restoration project, to this end an important financial support has been created, Iktisatbank, to assist with the local economy will be participating in all interest support loan projects offered, with so many branches across the island and a variety of communication channels available we are able to reach many clients he added.
When signing the Loan Protocol, Salamis Park Hotel Director, Mehmet Kıral; stated that Iktisatbank is a strategic partner for them and he thanked the General Manager Ahmet Melih Karavelioğlu, Iktisatbank Central Branch Manager, Yeliz Azak and all Iktisatbank employees for their contributions to enable this project to be accomplished. Salamis Group employees more than 500 staff and with foreign tourists from many corners of the world and has 100% capacity occupation for the year 2014. To respond to the growing demand of tourists, the signing of this loan protocol means that another 200 bed capacity 5 star hotel can be established which is a gain for the TRNC Tourism and Economy underlined Mr Kıral .