Adani Ports and Special Economic Zone (APSEZ), a big company from India, has decided not to take a $553 million loan from the U.S. Development Finance Corporation (DFC) to build the Colombo West International Terminal (CWIT) in Sri Lanka. Instead, they will use their own money to pay for the project. The company announced this on Tuesday.
The CWIT project is going well and should be finished and ready to use by early next year. Even though the DFC had already agreed to give them the loan, the money had not been given out yet, according to reports.
The DFC approved this loan in 2023 to help create a new deepwater container terminal at the busy Port of Colombo, which is a key shipping hub in the Indian Ocean. This terminal will help meet the shipping needs of growing economies in the Bay of Bengal by using Sri Lanka’s important location.
A spokesperson from DFC said they were still looking into the project to make sure everything was done properly before lending any money. Recently, there have been investigations into Adani, making the DFC more cautious about their decision.
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