No drawback if Adani funds Colombo mission with personal sources: Sri Lanka

The Sri Lankan authorities desires to see the deep-water container terminal mission at Colombo port go forward and has no drawback with the Adani-led conglomerate utilizing its personal sources to fund it, ports minister Bimal Rathnayaka has stated.

In an change submitting late on 10 December, Adani Ports and SEZ Ltd stated the mission “is on observe for commissioning by early subsequent 12 months” and added that the corporate will fund the continuing mission by means of “inside accruals”, aligning with its capital administration technique.

“It’s a essential mission for income technology of the port, we’re eager to see it go forward,” Rathnayaka informed reporters throughout a tour of the port on Thursday.

He stated the Adani Group’s choice to reject funding from the US Worldwide Growth Finance Company (DFC) was its personal and Sri Lanka had no points with it.

In November 2023, the DFC had agreed to supply a USD 553 million mortgage to help the event, building, and operation of a deep-water container terminal referred to as the Colombo West Worldwide Terminal (CWIT) on the Port of Colombo in Sri Lanka.

The CWIT is being developed by a consortium of Adani Ports, Sri Lankan conglomerate John Keells Holdings Plc, and the Sri Lanka Ports Authority (SLPA).