India’s Adani Ports and Special Economic Zone Ltd announced it will self-finance its Colombo port terminal project through internal resources and a capital management plan, opting to withdraw its request for funding from the US International Development Finance Corporation (DFC).
The DFC had initially committed $553 million last year for the terminal project, in which Adani Group holds a 51% stake. Despite the funding shift, Adani confirmed that the Colombo West International Terminal remains on schedule, with commissioning expected by early 2025.
The terminal, located in Sri Lanka, is a joint venture involving Sri Lanka Ports Authority, which owns a minority stake, and John Keells Holdings, which holds 34%. Another terminal at the port is operated by China Merchants Port Holdings.
The funding decision follows recent accusations against Adani Group Chairman Gautam Adani and others for alleged involvement in a $265 million bribery scheme and misrepresentation to US investors. Adani Group has denied these allegations, calling them “baseless,” and has vowed to pursue legal remedies.
The DFC has yet to respond to requests for comment regarding the funding withdrawal.
