Ocean Park Hong Kong will likely move ahead with plans to build an all-weather water park at Tai Shue Wan earlier than anticipated, due to a government loan of HK$2.3bn (US$296m, 229m euro, £196m).

Announced in the financial secretary's February budget speech, the purpose of the loan is to spur on the project and stimulate Hong Kong's tourism economy - one of the mainstays of its economy.

The loan is subject to approval by the finance committee of the legislative council, in a decision to be made within the next couple of months.

The park will have a capacity of 15,000 visitors a day and will include a translucent sweeping roof over water rides and attractions, and a retail, dining and entertainment area.

Ocean Park says water attraction, expected to open in the second half of 2017, diversify their offer and as a result encourage longer visitor stays.

The development is expected to create 2,900 jobs and generate HK$842m (US$108m, 84m euro, £72m) in tourism growth by 2018.

Ocean Park, opened in 1977, was last year the winner of the 2012 Applause Award - the first-ever Asian attraction to be recognised as the best theme park in the world.

The attraction has recently appointed Premier Service to provide technical services and support for multiple rides over an extended period.