The US government has decided to invest US$553 million in building a new deep-water container terminal in Sri Lanka’s Port of Colombo.
The US International Development Finance Corporation (DFC), America’s development finance institution, will provide the financial support for the development of the West Container Terminal.
DFC CEO, Scott Nathan said the new terminal will expand the container capacity of the major Sri Lankan port, “creating greater prosperity for Sri Lanka, without adding to sovereign debt, while at the same strengthening the position of our allies across the region”.
The US government wants to strengthen its presence in South Asia to moderate China’s trade dominance in the region.
The West Container Terminal in Colombo will be DFC’s largest infrastructure investment in Asia and among its largest globally.
