US commits $553 million financing to Adani terminal project at Colombo port

November 8, 2023 Business Desk

The US International Development Finance Corporation (DFC) is providing $553 million in financing for a Colombo port terminal project.

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The project, partially owned by the Adani Group, marks the company's debut in this sector.

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Sri Lanka is facing a severe financial crisis with record-low foreign exchange reserves and a 7.8% economic contraction in 2022.

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The West Container Terminal project will expand shipping capacity without adding to sovereign debt and strengthen regional alliances.

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