The new wing of the NIBM Colombo premises was declared opened on 8 August 2008 at the auspicious time 10.10am by Minister of Vocational and Technical Training, Honorable Piyasena Gamage and the Senior Presidential Advisor, Honorable Basil Rajapacksha.

The new 3 storey building was constructed at a cost of LKR 15 million funded by NIBM. The new building consists of an auditorium with the capacity of 270 seats, computer laboratories, lecture halls, apartments and a cafeteria. The construction was completed within a year's time under the guidance and direction of Dr. E A Weerasinghe, Director General, NIBM. The new building is expected to facilitate students of degree and diploma programs offered by NIBM.

A Buddha Statue placed at the main entrance was unveiled on 7 August 2008 at 9.00 am by Chairman, Professor. Lakshman Jayathilake and Director General, Dr. E A Weerasinghe of NIBM.

A Pirith recital was carried out to coincide with the opening ceremony of the new premises and the 40th Anniversary cerebration, with the participation of students and staff members.