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USDFC to invest US$553 million in Adani's Colombo port terminal
The new terminal will cater to growing economies in the Bay of Bengal
Representative Image / Unsplash
The US International Development Finance Corporation (DFC) has announced a US $553 million investment in Colombo West International Terminal Pvt. Ltd. (CWIT) – a consortium of Adani Ports and SEZ Ltd., Sri Lanka's John Keells Holdings (JKH) and the Sri Lanka Ports Authority.
The Port of Colombo has been operating at more than 90 percent utilization since 2021, signalling its need for additional capacity, the official statement revealed. The new terminal will cater to growing economies in the Bay of Bengal, taking advantage of Sri Lanka’s prime position on major shipping routes and its proximity to these expanding markets.
Adani Ports and Special Economic Zone' chief executive officer and whole time director, Karan Adani, welcomed the USDFC's funding the Adani project. "When completed, Colombo West International Terminal project will transform the socio-economic landscape, not just in Colombo but across the island, through thousands of direct and indirect new employment opportunities and by massively boosting Sri Lanka’s trade and commerce ecosystem,” he said.
The chief executive officer of DFC Scott Nathan, said, “DFC’s commitment of $553 million in private-sector loans for the West Container Terminal will expand its shipping capacity, creating greater prosperity for Sri Lanka – without adding to sovereign debt – while at the same time strengthening the position of our allies across the region.”
In addition, the US Ambassador to Sri Lanka Julie Chung stated that the Port of Colombo’s West Container Terminal will facilitate private sector-led growth in Sri Lanka and attract crucial foreign exchange inflows during its economic recovery.
John Keells Holdings, chairperson, Krishan Balendra, said, “DFC’s investment is an endorsement of the potential of the West Terminal project and a boost for investor confidence as Sri Lanka’s economy recovers.”
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