DFC to invest $553 million in Adani-backed Colombo port

Development Finance Corporation (DFC) will lend $553 million (Rs 45.90 billion) to Colombo West International Terminal (CWIT)-a consortium of India’s largest port operator Adani Ports and SEZ, Sri Lanka’s enterprise John Keells Holdings (JKH) and the Sri Lanka Ports Authority. Adani owns 51 per cent of the consortium. It’s a project-backed loan with a tenure of 20 years. The project cost for the first phase is $650 million. It will be completed by December 2024. The total project cost-including another phase-is $1 billion.