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The United States will provide more than $550 million in loans to an Indian-led deep-sea terminal in Sri Lanka to counter China’s growing influence in the Indian Ocean.
This strategic project is strategically located on one of the world’s busiest shipping routes, connecting the Middle East and East Asia. The new container terminal developed by India’s Adani Group will receive US$553 million in funding from the US International Development Finance Corporation. The investment is aimed at strengthening Sri Lanka’s position as a transport hub while guarding against Chinese activities in the region. Sri Lanka went bankrupt during the financial crisis, but this loan will not add to its sovereign debt.
The new container terminal is 1.4 kilometers long and 20 meters deep, with an annual throughput of 3.2 million containers. China’s activities in the region in recent years have raised concerns in India and the United States.
(Source: AFP Image source: freepik)
