The US International Development Finance Corporation (DFC) has committed $553 million to finance a port terminal in Colombo, Sri Lanka, which is being developed by Gautam Adani.
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Countering China's influence
This investment aims to counter China's growing influence in South Asia and represents the largest infrastructure investment in Asia by the US agency till date.
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Boosting Sri Lanka's economy
DFC CEO Scott Nathan said the funding will create 'greater prosperity for Sri Lanka - without adding to sovereign debt - while at the same time strengthening the position of our allies across the region.'
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Adani's majority stake
Adani Group holds 51% of the West Container Terminal at the port, John Keells Holdings owns 34%, and the Sri Lanka Ports Authority (SLPA) owns the rest.
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Busiest port in Indian Ocean
The port is among the busiest in the Indian Ocean, with nearly half of all container ships traversing its waters.
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FDI race: India vs China
China's investments in the island nation reached $2.2 billion by the end of last year, while India's total FDI in 2022 has also exceeded $2.2 billion.