Adani Port and special economic zone Ltd.’s shares were up by 2.22 per cent after the U.S. International Development Finance Corporation (DFC) announced funding of USD 553 million (₹4,118.89 crore) for the Colombo West International Terminal Pvt. Ltd. (CWIT) project, a consortium involving Adani Ports and SEZ Ltd., John Keells Holdings (JKH), and the Sri Lanka Ports Authority. This funding marks the first collaboration between the U.S. government and the Adani Group.
The Port of Colombo, a transshipment port in the Indian Ocean, has been operating since 2021, necessitating additional infrastructure. The new terminal aims to accommodate the growing economies in the Bay of Bengal, capitalising on Sri Lanka’s location on major shipping routes.
Scott Nathan, Ceo, DFC, stated, “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.” Julie Chung, U.S. Ambassador to Sri Lanka, emphasised that the investment by DFC will facilitate private sector-led growth in Sri Lanka and attract crucial foreign exchange inflows during its economic recovery.
The shares were up by 2.22 per cent to ₹814.90 at 11.18 am on the BSE.