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 Transport

Railway stations in Prayagraj undergo major passenger facility expansion

The Railway Board Chairman and CEO, Satish Kumar, conducted an extensive inspection on Saturday alongside the General Manager of Northern Railway and the officiating General Manager of North Central Railway. Their visit focused on various ongoing projects at multiple stations across the Northern and North Central Railway zones, with particular attention to enhancing facilities for the upcoming Maha Kumbh. During the inspection, Chairman Kumar reviewed the construction of a vital bridge over the River Ganga, specifically between Jhunsi and Prayagraj Rambagh. This bridge is expected to significa..

Next Story
Infrastructure Transport

Madurai-Thoothukudi broad gauge line works under review

The construction of the Madurai-Thoothukudi broad gauge line, which includes the crucial Melmarudur-Tiruparankundram project, is currently under careful review. This update comes from Southern Railway's assistant public information officer, J Kumarasubramanian, following an RTI inquiry made by a concerned citizen, Dayanand Krishnan. The new broad gauge line is projected to cover a total length of 143.5 km, with the initial 18 km stretch between Milavittan and Melmarudur completed and sanctioned by the Commission of Railway Safety on March 8, 2022. While substantial progress has been made on t..

Next Story
Real Estate

DLF expects Rs 26,000 cr from super luxury project in Gurugram

Realty giant DLF is projecting impressive revenue of Rs 26,000 crore from its newly unveiled super-luxury project, The Dahlias, situated in the heart of Gurugram. Ashok Tyagi, the Managing Director of DLF, shared these insights during a recent conference call with market analysts, highlighting the project's potential amidst rising demand for high-end residential properties. The Dahlias project spans an expansive 17 acres and is set to feature approximately 420 ultra-luxury apartments, each boasting a minimum size of 10,300 square feet. This ambitious development has already garnered significan..

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