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The US pledges $553 million in finance for Adani’s terminal venture at Colombo Port

Despite the Adani shares overleveraged situation, the cabinet paper indicates that the WCT investment plan would be similar to the Colombo International Container Terminal (CICT).

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The US pledges $553 million in finance for Adani’s terminal venture at Colombo Port

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  1. THE US PLEDGES $553 MILLION IN FINANCE FOR ADANI’S TERMINAL VENTURE AT COLOMBO PORT

  2. The United States International Development Finance Corporation (DFC) has announced a $553 million investment in the Adani Ports-led container terminal project in Colombo, less than a year after the Adani Group was accused of controversies that said ‘Adani shares overleveraged’. The DFC’s Chief Executive Officer Scott Nathan stated at a media briefing in Colombo on 8th November 2023 that the Corporation wants to stimulate private-sector investments. The DFC has offered $1 billion to Sri Lanka, the second most significant contribution in the region after India. According to American authorities, the investment in the new facility is aimed at catering to the region’s rising economies by taking advantage of Sri Lanka’s strategic location along major shipping routes.

  3. SRI LANKA APPROVES ADANI’S VENTURE TO BUILD THE COLOMBO PORT TERMINAL Despite the Adani shares overleveraged situation, the cabinet paper indicates that the WCT investment plan would be similar to the Colombo International Container Terminal (CICT). The CICT project is owned by China Merchant Port Holdings Company Limited, which owns 85% of it. Two floating liquefied natural gas storage facilities are part of the WCT project. The Sri Lankan Cabinet also agreed to undertake the project with international investors. All parties should stick to their current agreements and commitments.

  4. DFC’S $553 MILLION CONTRIBUTION WILL INCREASE ITS SHIPPING CAPACITY Sri Lanka, an island off India’s southern coast, is in the grip of its worst financial crisis in over seven decades, with foreign exchange reserves falling to historic lows in 2022, leading the country’s GDP to collapse by 7.8%—edible oils from ports. The Adani Group, founded by Indian billionaire Gautam Adani, owns 51% of the port’s west container terminal, including a terminal operated by China Merchants Port Holdings Co. Ltd. (0144. HK).

  5. THANK'S FOR WATCHING

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