DFC to fund CWIT, Adani’s JV in Sri Lanka, for $553 m
View(s):U.S. International Development Finance Corporation (DFC) has announced that it will be funding Colombo West International Terminal Pvt. Ltd. (CWIT) – a consortium of India’s largest port operator Adani Ports and SEZ Ltd., Sri Lanka’s leading enterprise John Keells Holdings (JKH) and the Sri Lanka Ports Authority – to the tune of US$553 million.
DFC, the U.S. government’s development finance institution, partners with the private sector to finance solutions to the most critical challenges facing the developing world. It invests across sectors, including energy, healthcare, infrastructure, agriculture and small business and financial services, Adani said in a media release.
“We welcome the association of the U.S. International Development Finance Corporation (DFC), the U.S. government’s development finance institution, in funding the Adani project – and we see this as a reaffirmation by the international community of our vision, our capabilities and our governance,” said Karan Adani, Whole Time Director and CEO, Adani Ports and Special Economic Zone (APSEZ). “As one of the world’s largest port developers and operators, APSEZ brings to this project not only our proven world-class expertise but also our deep experience in infrastructure creation. When completed, Colombo West International Terminal project will transform the socio-economic landscape, not just in
Colombo but across the island, through thousands of direct and indirect new employment opportunities and by massively boosting Sri Lanka’s trade and commerce ecosystem.”
The Port of Colombo is the largest and busiest transshipment port in the Indian Ocean. It has been operating at more than 90 per cent utilisation since 2021, signalling its need for additional capacity.
DFC CEO Scott Nathan said: “Sri Lanka is one of the world’s key transit hubs, with half of all container ships transiting through its waters. DFC’s commitment of $553 million in private-sector loans for the West Container Terminal will expand its shipping capacity, creating greater prosperity for Sri Lanka – without adding to sovereign debt – while at the same time strengthening the position of our allies across the region.”
Krishan Balendra, Chairperson, John Keells Holdings, said; “DFC’s investment is an endorsement of the potential of the West Terminal project and a boost for investor confidence as Sri Lanka’s economy recovers.”
Hitad.lk has you covered with quality used or brand new cars for sale that are budget friendly yet reliable! Now is the time to sell your old ride for something more attractive to today's modern automotive market demands. Browse through our selection of affordable options now on Hitad.lk before deciding on what will work best for you!