Adani Ports scraps a $553M US loan for Colombo terminal, opting to fund it internally. This decision follows recent US investigations.
APSEZ shifts to internal accruals to finance the Colombo terminal, aiming for operational readiness by early next year.
The US DFC approved a $553M loan in 2023 but withheld disbursement, citing ongoing due diligence and compliance checks.
US DOJ and SEC probes into Adani influenced DFC's reassessment of the loan, highlighting compliance concerns.
Strategically located, Colombo Port handles 90% capacity, vital for growing Bay of Bengal economies. Adani’s project adds capacity.
The Colombo terminal project is progressing steadily and is set to enhance transhipment capacity by early 2024.
Adani emphasizes transparency and compliance as it advances the Colombo terminal project without external funding.