US DFC to fund Adani-led deepwater terminal in Colombo
PORTS & SHIPPING

US DFC to fund Adani-led deepwater terminal in Colombo

In response to China's expanding influence in the region, the US International Development Finance Corporation (DFC) is set to provide $553 million in funding for the development of a deepwater shipping container terminal at the Port of Colombo. This joint venture is undertaken by Colombo West International Terminal (CWIT), a consortium comprising Adani Ports and SEZ (APSEZ), Sri Lanka's John Keells Holdings (JKH), and the Sri Lanka Ports Authority. The terminal, operating on a build, operate, and transfer (BOT) basis for 35 years, aims to counterbalance China's growing presence in the area.

This marks a significant milestone as it is the first time a US government agency is financing an Adani project, offering relief to the conglomerate amidst scrutiny following the Hindenburg allegations earlier in the year. Described as a "transformative West Container Terminal project in Colombo" by Gautam Adani, chairman of the Adani Group, the initiative is expected to generate substantial employment opportunities, stimulate economic growth, and enhance regional shipping capacity.

The development of Colombo West International Terminal (CWIT) is poised to strengthen Colombo Port's standing as the primary hub in the region, potentially elevating its rank to the 20th position among the world's leading container terminals. Additionally, it is anticipated to reshape the port's global shipping connectivity, currently ranked 12th globally. Once operational, CWIT will emerge as Sri Lanka's largest and deepest container terminal, boasting a quay length of 1,400 meters and an alongside depth of 20 meters. Equipped to handle ultra-large container vessels with capacities of 24,000 TEUs, the new terminal's annual cargo handling capacity is projected to surpass 3.2 million TEUs, according to a statement from the Adani Group.?

In response to China's expanding influence in the region, the US International Development Finance Corporation (DFC) is set to provide $553 million in funding for the development of a deepwater shipping container terminal at the Port of Colombo. This joint venture is undertaken by Colombo West International Terminal (CWIT), a consortium comprising Adani Ports and SEZ (APSEZ), Sri Lanka's John Keells Holdings (JKH), and the Sri Lanka Ports Authority. The terminal, operating on a build, operate, and transfer (BOT) basis for 35 years, aims to counterbalance China's growing presence in the area. This marks a significant milestone as it is the first time a US government agency is financing an Adani project, offering relief to the conglomerate amidst scrutiny following the Hindenburg allegations earlier in the year. Described as a transformative West Container Terminal project in Colombo by Gautam Adani, chairman of the Adani Group, the initiative is expected to generate substantial employment opportunities, stimulate economic growth, and enhance regional shipping capacity. The development of Colombo West International Terminal (CWIT) is poised to strengthen Colombo Port's standing as the primary hub in the region, potentially elevating its rank to the 20th position among the world's leading container terminals. Additionally, it is anticipated to reshape the port's global shipping connectivity, currently ranked 12th globally. Once operational, CWIT will emerge as Sri Lanka's largest and deepest container terminal, boasting a quay length of 1,400 meters and an alongside depth of 20 meters. Equipped to handle ultra-large container vessels with capacities of 24,000 TEUs, the new terminal's annual cargo handling capacity is projected to surpass 3.2 million TEUs, according to a statement from the Adani Group.?

Next Story
Infrastructure Urban

With a strong international presence, we are poised for further expansion

EPC company Varindera Constructions (VCL) has completed 31 construction projects in the past 10 years with 20 ongoing projects in India and overseas as in March 2024. Varinder Kumar Garg, Chairman, shares factors behind the company’s stellar performance in its residential, commercial, metro, railway and institution projects and the material magnitude of the Hasimara Air Force Station project, which plays a key role in deployment and operations of Rafale jets in India, as well as his perspective on the latest technologies, sustainability, skill shortage and the company’s internati..

Next Story
Infrastructure Urban

Campal Stadium Project Delayed

The football stadium and parade ground project in Campal, Panaji, which was initiated under the smart city plan, has yet to be completed, even though it is over a year past its original deadline. The project started on March 21, 2022, and according to the initial work order, it was supposed to be finished by September 20, 2023. Imagine Panaji Smart City Development Ltd (IPSCDL) has reported that 98% of the work is complete, with the final 2% expected to be finished by March 2025. "A small area where the concrete batching plant is situated needs completion," they said. The project's total est..

Next Story
Infrastructure Urban

Cleanliness Control Centre to Monitor Work, Complaints 24X7

Jaipur's cleanliness management system is set to be more efficient with the Integrated Command and Control Centre now operating 24/7. On Friday, Arun Kumar Hasija, CEO of Jaipur Smart City Limited, issued orders to implement this change. Hasija explained that the centre will supervise door-to-door refuse collection, sanitation operations, and mechanized cleaning activities. Special attention is being given to night-time cleaning across the city, with advanced machinery being used to sanitize road dividers in areas like the Walled City. The centre will now operate round-the-clock to improve c..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000