Adani’s Colombo port terminal project to get $553 mn funding

New Delhi The US International Development Finance Corporation (DFC) will provide $553 million financing to Colombo West International Terminal Pvt Ltd – a consortium of India’s largest port operator Adani Ports and SEZ Ltd, Sri Lanka’s leading enterprise John Keells Holdings (JKH) and the Sri Lanka Ports Authority. DFC is the US government’s development finance institution. Adani Ports and Special Economic Zone Limited (APSEZ) in a statement said that the US fund will support the development of a deepwater shipping container terminal in the Port of Colombo. “(It) will facilitate private sector-led growth and attract crucial foreign exchange to Sri Lanka to aid in its economic recovery,” it added. According to the statement, the US, Sri Lanka and India will foster an enduring legacy of cooperation in the development of sustainable infrastructure, like smart and green ports. DFC partners with the private sector to finance solutions to the most critical challenges facing the developing world. It invests across sectors, including energy, healthcare, infrastructure, agriculture and small business and financial services. As per the statement, this is the first time that the US government, through one of its agencies, is funding an Adani project. APSEZ whole-time director and CEO Karan Adani said, “we welcome the association of the US International Development Finance Corporation (DFC), the US government’s development finance institution, in funding the Adani project.”