U.S. commits over $500 million to improve Sri Lankan port

“The new terminal will cater to growing economies in the Bay of Bengal, taking advantage of Sri Lanka’s prime position on major shipping routes.”

News Agency of Nigeria • November 8, 2023

SRI LANKA PORT [CREDIT : SPLASH 247]

The U.S. International Development Finance Corporation (DFC) on Wednesday said it had allocated over $500 million to facilitate the development of a container terminal at Sri Lanka’s Colombo Port, which is important for South Asia.

DFC chief executive officer Scott Nathan travelled to Sri Lanka to launch $553 million in financing to Colombo West International Terminal Private Limited to support the development of the deepwater West Container Terminal located within the Port of Colombo.

DFC said in a statement that the investment demonstrates the U.S. commitment to Sri Lanka’s economic development and integration, including with India.

“The Port of Colombo is the largest and busiest transhipment port in the Indian Ocean. It has been operating at more than 90 per cent utilization since 2021, signalling its need for additional capacity.

“The new terminal will cater to growing economies in the Bay of Bengal, taking advantage of Sri Lanka’s prime position on major shipping routes and its proximity to these expanding markets,” DFC said.

DFC is a U.S. federal agency that invests in development projects, primarily in developing countries.

(Sputnik/NAN)

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