Ahmedabad: US International Development Corporation will provide a loan of US $ 553 million to a joint venture of Adani in Sri Lanka. Loktej Business, Regional News
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The U.S. International Development Finance Corporation (DFC) has announced that it is partnering in financing a consortium of India’s largest port operator Adani Port and Special Economic Zone Limited, Sri Lanka’s leading enterprise John Keells Holding (JKH) and the Sri Lanka Ports Authority. Will provide USD 553 million.
DFC, the U.S. government’s development financing agency, partners with the private sector to secure financing to address the developing world’s most pressing challenges. It invests in energy, health care, infrastructure, agriculture and small businesses, and credit services.
For the first time, the US government is financing an Adani project through one of its institutions, which recognizes the developmental approach and vast managerial experience of the Adani Group. This financing reflects Adani Group’s confidence in the potential of the Colombo Port to invest in a world-class container facility. ,
Karan Adani, Whole-time Director and Chief Executive Officer, Adani Ports and Special Economic Zone, welcomed the association of the US government body, the US International Development Finance Corporation, with the Adani project, which we see as a strong support. The international community appreciates our vision, our capabilities and our good governance.
He said that APSEZ, which has emerged as one of the largest port developers and operators in the world, will not only showcase our world-class capabilities but also our vast experience in building infrastructure.
When completed, the Colombo West International Terminal project will provide a huge boost to Sri Lanka’s business and commerce ecosystem, transforming the socio-economic picture through thousands of new direct and indirect employment opportunities not only in Colombo but across the island. .
The Port of Colombo is the largest and busiest port in the Indian Ocean. As of 2021, it is operating as a transshipment port with over 90% utilization. Therefore adding additional capacity to it is the need of the hour. The new terminal will take advantage of Sri Lanka’s strategic location on important shipping routes as well as its close access to this expanding market to boost the emerging economy in the Bay of Bengal.
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