SLPA takes measured approach towards Adani’s Colombo port deal
- 5opn1
- November 29, 2024
- Business News
- SLPA takes measured approach towards Adani’s Colombo port deal
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The Sri Lanka Ports Authority (SLPA) has affirmed its commitment to maintaining stability regarding the Colombo West International Terminal project, led by the Adani Group, amidst ongoing allegations in the US against the conglomerate’s top executives.
SLPA Chairman Admiral Sirimewan Ranasinghe (Retd) has emphasised that there is no immediate plan to reassess or terminate the agreement.
He highlighted that the Adani Group has met its obligations under the agreement, bringing in necessary investments and equipment. Furthermore, he pointed out that the project has consistently progressed according to plan, making it a valuable part of Sri Lanka’s economic infrastructure.
The US International Development Finance Corporation (DFC) had announced a $ 553 million loan to support the terminal’s development, highlighting its strategic importance.
However, disbursement has been delayed due to required amendments to the Build-Operate-Transfer (BOT) agreement, which are under review.
