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 HKD2.3bn ($296m).

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.

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.