Adani Ports-led Colombo Project on Track, Confirms SLPA
The Colombo Port terminal project led by Adani Ports is progressing as planned, with no reported issues, according to Sirimewan Ranasinghe, Chairman of the Sri Lanka Ports Authority (SLPA).
Ranasinghe expressed satisfaction with the project's progress, emphasizing the SLPA's commitment to periodic reviews to ensure the venture remains on schedule. "There is no reason to complain. This project is on track", he stated. The project is being developed in collaboration with SLPA and John Keells Holdings.
Ranasinghe, who assumed the role of SLPA chairman in October, underlined the administration's focus on maintaining transparency across all projects. He clarified that recent allegations involving Adani group executives in unrelated matters have no bearing on the Colombo Port terminal initiative.
The terminal, strategically positioned on major global shipping routes, aims to strengthen Sri Lanka's position as a key transshipment hub. The facility is expected to be operational by February 2025, enhancing connectivity for economies around the Bay of Bengal.
In November 2023, the US International Development Finance Corporation (DFC) announced a $553 million investment in the project, though funds are yet to be disbursed as the DFC continues its due diligence.
Sri Lanka’s government, under President Anura Kumara Dissanayake, has expressed its commitment to continuing projects previously agreed upon with India, viewing them as essential to the nation's economic recovery. The president's administration believes halting major initiatives could harm Sri Lanka’s investment climate.
Dissanayake, who is scheduled to visit New Delhi later this month, has not raised concerns about the Adani-led project. His advisors reportedly recognize the importance of maintaining confidence among international investors.
The Port of Colombo, the largest and busiest transhipment hub in the Indian Ocean, is set to benefit significantly from the new terminal. This development aligns with Sri Lanka's strategy to leverage its geographic location and bolster regional trade infrastructure.
