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US funding deepwater container terminal in Colombo

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US Ambassador Julie Chung and Chief Executive Officer (CEO) of US International Development Finance Corporation Scott Nathan (extreme left) at the launch of the Colombo port project. (Pic courtesy US embassy)

The US International Development Finance Corporation (DFC) yesterday announced it had committed more than half a billion dollars to support the development of a deep water shipping container terminal in the Port of Colombo, Sri Lanka, that will provide critical infrastructure for the South Asian region.

The new terminal reflects DFC’s commitment to financing high-quality infrastructure that supports its partner’s development needs, invests in local communities, and is respectful of local financial conditions. The investment further demonstrates the United States’ enduring commitment to Sri Lanka’s economic growth and its regional economic integration, including with India.

DFC Chief Executive Officer (CEO) Scott Nathan travelled to Sri Lanka to launch $553 million in financing to Colombo West International Terminal Private Limited to support the development of the deep water West Container Terminal located within the Port of Colombo. Foreign Minister Ali Sabry, Chief of Staff to the President and National Security Advisor (NSA) Sagala Ratnayaka and U.S. Ambassador to Sri Lanka Julie Chung joined CEO Nathan for the ceremonial launch of the new terminal.

“DFC works to drive private-sector investments that advance development and economic growth while strengthening the strategic positions of our partners. That’s what we’re delivering with this infrastructure investment in the Port of Colombo,” said DFC CEO Scott Nathan. “Sri Lanka is one of the world’s key transit hubs, with half of all container ships transiting through its waters. DFC’s commitment of $553 million in private-sector loans for the West Container Terminal will expand its shipping capacity, creating greater prosperity for Sri Lanka – without adding to sovereign debt – while at the same time strengthening the position of our allies across the region.”

U.S. Ambassador to Sri Lanka Julie Chung said: “The $553 million investment by DFC for the long-term development of the Port of Colombo’s West Container Terminal will facilitate private- sector-led growth in Sri Lanka and attract crucial foreign exchange inflows during its economic recovery. This financing is symbolic of the United States’ long-standing commitment to the development and well-being of the people of Sri Lanka. Sri Lanka regaining its economic footing will further our shared vision for a free and prosperous Indo-Pacific.”

This investment models how DFC operates, supporting projects that are strategic, economically sound, and led by the private sector. DFC is working with world-class sponsors John Keells Holdings and Adani Ports & Special Economic Zones Limited (APSEZ). These companies’ local experience and high-quality standards will help support local jobs and make this project a long-term, sustained success for the Indo-Pacific.

The Port of Colombo is the largest and busiest transshipment port in the Indian Ocean. It has been operating at more than 90 percent utilization since 2021, signaling its need for additional capacity. The new terminal will cater to growing economies in the Bay of Bengal, taking advantage of Sri Lanka’s prime position on major shipping routes and its proximity to these expanding markets.



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“Operation ‘Yukthiya’ will persist despite pressure” – Minister of Public Security

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Minister of Public Security, Mr. Tiran Alles, attending a news conference held at the Presidential Media Centre today (21) under the theme ‘Collective Path to a Stable Country’.emphasized his unwavering commitment to continue operations aimed at suppressing drugs, tackling the underworld and preventing violence against women and children, regardless of any pressure encountered.

Furthermore, Minister Alles disclosed that operation ‘Yukthiya’, which commenced on December 17, has resulted in the seizure of narcotics valued at Rs. 7.8 billion and assets including vehicles and buildings confiscated by law enforcement amount to Rs. 725 million. . A total of 58,562 raids have been conducted, leading to the arrest of 58,234 individuals involved in illicit activities.

 

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SLNS Samudura leaves for Maldives to take part in Exercise Dosti – XVI

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Sri Lanka Naval Ship (SLNS) Samudura left for the Maldives from the port of Colombo on Tuesday (20)  to take part in Exercise Dosti – XVI. The trilateral exercise ‘Dosti’ is scheduled to be held in Male from 22nd to 25th February.

The trilateral exercise ‘Dosti’ aims to enhance cooperation, strengthen friendship, improve mutual operational capability, and develop interoperability among the Coast Guard personnel of India, Maldives and Sri Lanka.

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“Sri Lankan unity paves the way for rapid national development” – President

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Sri Lanka’s Chief Scout, President Ranil Wickremesinghe, in his address at the 10th National Scout Jamboree held at the Koneswara Hindu Vidyalaya Stadium in Trincomalee this morning (21), underscored the potential of Sri Lankans to steer the nation towards rapid development and fortify its security for future generations through unified efforts.

The President highlighted that participation in the National Scout Jamboree transcends divisions of caste and religion. He articulated that unity among Sri Lankans, spanning from the North to the South and from Colombo to Trincomalee, is pivotal in accomplishing shared objectives.

President Wickremesinghe pledged his support for the expansion of the Scout Association, noting its role in nurturing responsible citizens essential for the country. Furthermore, he announced the plans to facilitate collaboration between the Scout Association and the Ministry of Technology, underscoring the importance of leveraging interactions across sectors for national development.

(PMD)

 

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