Adani opts out of US funding for its Colombo Port

11 Dec, 2024

Billionaire Gautam Adani-led conglomerate said it will use its own resources to fund a Sri Lankan port project and not seek US funding.

In an exchange filing late on Tuesday, Adani Ports and SEZ said the project ?is on track for commissioning by early next year? and added that the company will fund the ongoing project through ?internal accruals?, aligning with its capital management strategy.

The company said it has withdrawn its 2023 ?request for financing from the US International Development Finance Corporation (DFC)?.

The US International Development Finance Corp, in November last year, agreed to provide a $553 million loan to support the development, construction, and operation of a deep-water container terminal called the Colombo West International Terminal (CWIT) at the Port of Colombo in Sri Lanka.

The CWIT is being developed by a consortium of Adani Ports, Sri Lankan conglomerate John Keells Holdings Plc, and the Sri Lanka Ports Authority (SLPA). (New Indian Express)

Recommended For You

US insists no plan to establish base in Sri Lanka

The United States has insisted that there is no plan to establish a military base in Sri Lanka. The?US Ambassador to Sri Lanka and Maldives Alaina B. Teplitz said that negotiations with Sri Lanka on a defence agreement only aim to facilitate cooperation. “Blatant misinformation. There is no plan or intention to establish a US base in Sri Lanka. VFA negotiations only aim to facilitate cooperation and any agreement will fully respect the sovereignty of Sri Lanka,” Teplitz said in response to som

01 Jul, 2019

PM says will not support death penalty

Prime Minister Ranil Wickremesinghe says he will not support implementing the death penalty. The Prime Minister said that the United National Party, former President Mahinda Rajapaksa, the Janatha Vimukthi Peramuna and the Tamil National Alliance are against implementing the death penalty. The Prime Minister expressed these views while speaking at an event today. President Maithripala Sirisena has said that he has signed the order to implement the death penalty. He told local media heads las

30 Jun, 2019

Two Chinese nationals arrested over credit card scam

Two Chinese nationals have been arrested over a credit card scam, the Police said. According to the Police, the Police Narcotics Bureau (PNB) arrested the two Chinese nationals at a hotel in Kollupitiya. The PNB also seized a credit card printing machine, five blank credit cards and a laptop computer. The Criminal Investigations Department (CID) is conducting further investigations.

01 Jul, 2019

Colombo Gazette is a leading news and entertainment website, covering stories related to Sri Lanka. The content consists of text based news, photos and videos and is linked to social media websites including Facebook, Twitter and Instagram, to provide a wider coverage for its stories.