No funds disbursed to Adani Colombo port project so far, assessing situation: U.S. Agency DFC
Delay over $533 mn loan announced in November 2023 comes as Sri Lankan government says reports reviewing projects will come “very soon”
A year after it announced it would loan the Adani-controlled project for Colombo Port more than half a billion dollars, the U.S. International Development Finance Corporation (DFC) said that it is “continuing to assess the situation” and had not so far disbursed any of the funding promised. In response to questions from The Hindu about the impact of the indictments issued by the U.S. Department of Justice (DoJ) and Securities and Exchange Commission (SEC) last week, a DFC official said that the agency is still conducting its “due diligence” on the project in order to ensure it meets its “rigorous standards”.

The DFC statement, that appears to indicate that there is a reconsideration of the Adani Ports and SEZ (APSEZ) development of the Colombo Western International Terminal that it had endorsed in November 2023, came as the Sri Lankan government said it is taking the U.S. indictments “very seriously” and that a final decision on the project after an official report prepared by the Foreign and Finance Ministries is submitted. “We are expecting the report to come in very soon, and will be taking a decision after that,” said official spokesperson Nalinda Jayatissa, addressing the weekly media briefing in Colombo after a Cabinet meeting chaired by President Anura Kumara Dissanayake.