India’s Adani Group has expressed appreciation for the joint efforts taken by various development partners in supporting the transformative West Container Terminal project in Colombo, Sri Lanka.
Taking to ‘X’, Chairman of the Adani Group, Gautam Adani congratulated the U.S. International Development Finance Corporation (DFC), Sri Lankan Government, Sri Lanka Ports Authority, and local partners John Keells Group for their joint efforts related to the development project.
“This initiative is set to generate significant employment opportunities, boost economic growth, and enhance regional shipping capacity. The Adani Group is proud to be a part of this journey,” Gautam Adani further said.
In September 2021, the Adani Group signed an agreement with local partners John Keells Holdings, and the Sri Lanka Ports Authority to jointly develop the West Container Terminal (WCT) at the Colombo Port.
At the time, the Adani Group signed a build-operate-transfer (BOT) agreement with an investment exceeding USD 700 million.
This week (Nov 08), the U.S. International Development Finance Corporation announced a commitment of US$ 553 million to support the development of a deepwater shipping container terminal in the Port of Colombo in Sri Lanka.
The US Embassy in Colombo said the development project will provide critical infrastructure for the South Asian region.
DFC Chief Executive Officer (CEO) Scott Nathan travelled to Sri Lanka to launch $553 million in financing to Colombo West International Terminal Private Limited to support the development of the deepwater West Container Terminal located within the Port of Colombo.
The Port of Colombo is the largest and busiest transhipment port in the Indian Ocean. It has been operating at more than 90 per cent utilization since 2021, signalling its need for additional capacity. The new terminal will cater to growing economies in the Bay of Bengal, taking advantage of Sri Lanka’s prime position on major shipping routes and its proximity to these expanding markets. (NewsWire)