Adani-led Colombo Port Project Moves Forward Without US Funding

The Sri Lankan government supports the continuation of the Colombo port deep-water container terminal project, led by Adani Ports, even without funding from the US International Development Finance Corporation (DFC). The Adani group chose to fund the project internally as it approaches completion.

The Sri Lankan government has expressed its support for the continuation of the deep-water container terminal project at Colombo port, dismissing any concerns over Adani Ports using its own resources to finance the venture.

Adani Ports and SEZ Ltd announced the project is on schedule for completion by early next year, intending to use internal funds, a decision aligning with its capital management strategy. The project's importance for port revenue has been emphasized by Ports Minister Bimal Rathnayaka.

While the DFC had offered a USD 553 million loan, its conditions led Adani Ports to proceed without it. Nevertheless, the Sri Lankan government remains against another Adani project, a wind power project in Mannar, citing national interest concerns.

(With inputs from agencies.)