US invests US$553m into development of Adani-backed container terminal at Port of Colombo
The US Development Finance Corporation (DFC) has lent US$553m for the development of a deep-water container terminal at the Port of Colombo, to be operated by Adani Ports and Special Economic Zone (APSEZ), as the country tries to reduce Chinese influence in Sri Lanka.
In 2021, APSEZ signed a 35-year build, operate and transfer (BOT) contract to develop West Container Terminal in partnership with John Keells Holdings and the Sri Lanka Ports Authority (SLPA).
The Indian company stated that funding from the US government was a “ringing endorsement of the Adani Group”, which has been beset by corruption allegations this year.
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