"Adani Ports Secures ₹4,118.89 Crore Investment for Colombo Terminal Project"

Adani Ports and Special Economic Zone Ltd. experienced a 2.22 percent increase in their shares following the announcement by the U.S. International Development Finance Corporation (DFC) of a substantial funding injection of USD 553 million (₹4,118.89 crore) for the Colombo West International Terminal Pvt. Ltd. (CWIT) project. The consortium behind this initiative includes Adani Ports and SEZ Ltd., John Keells Holdings (JKH), and the Sri Lanka Ports Authority. This funding marks a significant milestone as it signifies the first-ever partnership between the U.S. government and the Adani Group.

The Port of Colombo, a pivotal transshipment port located in the Indian Ocean, has been in operation since 2021, and the need for additional infrastructure has become apparent. The new terminal project has been devised to cater to the burgeoning economies situated around the Bay of Bengal, taking full advantage of Sri Lanka's strategic location along major shipping routes.

Scott Nathan, the CEO of DFC, expressed, "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, the U.S. Ambassador to Sri Lanka, underlined the significance of DFC's investment, emphasizing its role in fostering private sector-driven growth in Sri Lanka and attracting vital foreign exchange inflows, particularly during the nation's ongoing economic recovery. This development promises to be a pivotal step in enhancing shipping capacity and fostering economic prosperity in the region while solidifying global alliances.

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