US DFC to loan $ 553 mn to Adani's Colombo terminal

09 Nov 2023 CW Team

The US International Development Finance Corporation (DFC), which is the U.S. Government's development finance institution, has announced that it will lend $ 553 million to a deep-water container terminal being constructed by the port's unit of tycoon Gautam Adani at Sri Lanka's Colombo Port. This deal holds significant implications for the parties involved.

The loan serves as a vote of confidence from America's development finance institution in a group that was previously shaken by allegations of accounting fraud, stock manipulation, and other corporate governance issues. These allegations were made by US-based short seller Hindenburg Research in January of this year, resulting in a substantial decrease in share value amounting to millions of dollars. The Adani Group has consistently refuted these allegations.

Additionally, the financing of Colombo West International Terminal represents a strategic move by the U.S. government to counter China's increasing influence in the region. China has made significant investments in Sri Lanka's economy, including its participation in projects such as the Colombo and Hambantota ports, as well as the Colombo Port City project.

This development is noteworthy as it marks the first instance of the U.S. government funding an Adani project through one of its agencies. It is essential to recognize that the Colombo Port holds the distinction of being the largest and busiest transshipment port in the Indian Ocean.

Infrastructure Urban

06 Jul 2026

ABS Marine Sees CRISIL Credit Rating Upgrade

ABS Marine Services has secured an upgrade to its long term and short term credit ratings from CRISIL, reflecting improved profitability and revenue growth through long term contracts. CRISIL moved the long term rating from BBB+/Stable to A-/Stable and revised the short term rating from A2 to A2+. The action signals strengthened financial metrics and operational resilience. The company benefited from durable client relationships with firms such as ONGC and Schlumberger. The rating decision followed stronger cash flows and an enlarged bank loan facility, which increased from Rs 3,705 million (m..

Project BRAHMANK Marks 16 Years Of Strategic Roads In Arunachal

Project BRAHMANK is marking 16 years of work to establish strategic road and bridge links across Arunachal Pradesh, maintaining and developing 811 kilometres of roads and nearly 86 bridges that range from small culverts to large steel and arch bridges. These transport links are described as critical for ensuring year-round movement of defence personnel, equipment and essential supplies while improving everyday travel for people in remote villages. The project balances national security requirements with regional development by focusing on reliable access in challenging terrain. Notable enginee..

Longleng CSOs Give One Week Ultimatum Over Two-Lane Highway

Civil society organisations (CSOs) in Longleng district have demanded immediate restoration of the deteriorating Changtongya–Longleng two-lane road and sought a detailed status report on the stalled construction within one week. The demand followed a consultative meeting convened under the Phom Peoples' Council (PPC) to discuss welfare and development concerns. PPC president YB Angam Phom said prolonged non-maintenance had caused hardship to commuters and affected transportation, local commerce and the district's development. The meeting urged authorities to undertake immediate restoration a..