Sri Lanka: American organization will invest $553 million in Adani Group’s joint venture, this is the complete plan
The US International Development Finance Corporation (DFC) will invest US$553 million in Colombo West International Terminal Private Limited. DFC is the development finance agency of the US government.
Colombo West International Terminal Private Limited is owned by India’s largest port manager Adani Ports & SEZ Limited, Sri Lankan flagship enterprise John Keells Holdings (JKH) and Sri Lanka Ports Authority. According to a statement issued by Adani Ports and Special Economic Zone Limited (APSEZ), the amount will be used for the development of a deep water shipping container terminal at Colombo Port.
“(It) will facilitate private sector-led growth and attract significant foreign exchange to support Sri Lanka’s economic recovery,” according to the statement. According to the statement, the US, India and Sri Lanka are working towards developing “smart” and green ports such as Will promote the development of sustainable infrastructure.
CEO of Adani Group said – American cooperation is welcome
Karan Adani, Whole-time Director and Chief Executive Officer (CEO), APSEZ, said, “We welcome the support of the US International Development Finance Corporation (DFC), the development finance institution of the US government, in financing the Adani project.”
He said, “The Colombo West International Terminal project, once completed, will generate new employment directly and indirectly and give a massive boost to the business and commerce ecosystem of Sri Lanka. It will bring positive change to the socio-economic landscape not only in Colombo but across the island. Will change it.”
DFC CEO said – Sri Lanka will be more prosperous without increase in debt
DFC CEO Scott Nathan said Sri Lanka is one of the world’s major transit hubs, with half of all container ships passing through its waters. “DFC’s commitment of US$553 million in private sector loan for the West Container Terminal will enhance its cargo handling capacity,” he said. This will make Sri Lanka more prosperous without increasing debt, while also strengthening the position of our allies across the region. ,
US Ambassador to Sri Lanka Julie Chung said the US$553 million investment by DFC for the long-term development of the Colombo Port West Container Terminal will facilitate private sector-led development in Sri Lanka and attract significant foreign exchange inflows during its economic recovery. . Krishna Balendra, head of John Keells Holdings, said DFC’s investment will support the potential of the West Terminal project. He said investor confidence has been boosted with the improvement in Sri Lanka’s economy.
