India’s Adani Group has decided to proceed without a US-backed loan for its $700 million Colombo West International Terminal project in Sri Lanka.
The company announced this week that it has withdrawn a $553 million loan application from the US Development Finance Corporation (DFC).
However, the Adani Group said the project is on schedule and is expected to be operational early next year.
The company will finance the construction using its own internal financial resources and strategies.
The Colombo port project is seen as a strategic development, located next to a port operated by China.
Sri Lanka, as a major hub for global shipping routes, plays a key role in international trade and geopolitical affairs.
The decision comes after the group’s founder, Gautam Adani, faces serious charges in a US court.
He and other senior leaders of the conglomerate have been accused of misleading investors and engaging in corruption.
The lawsuits have already had a significant impact, with the Adani Group losing billions in market value over the past year.
