Adani Group Withdraws Bid for US Funding of its Colombo Port Venture

Adani Ports and SEZ Ltd, led by billionaire Gautam Adani, has announced that it will fund a Sri Lankan port project using its own resources, without seeking a US loan. The company had previously requested a $553 million loan from the US International Development Finance Corporation (DFC) to support the development of the Colombo West International Terminal (CWIT) at the Port of Colombo. However, the loan process stalled due to conditions imposed by the DFC, and Adani Ports has decided to proceed with the project without funding. The project is nearing completion and is expected to be commissioned by early next year. The CWIT is a strategic port project in Sri Lanka, which is critical to the country’s economy and has been seen as a move by the US to counter Chinese influence in the region. Adani Ports has sufficient cash reserves to fund the project, with around $1.1 billion in cash reserves and an operating profit of $2.3 billion in the past 12 months.