US mulls $553 million terminal at Sri Lanka’s Colombo port in rivalry with China

News Snapshot:

The United States unveiled a $553 million initiative aimed at constructing a deep-water shipping container terminal within Sri Lanka’s Port of Colombo, signalling its engagement in global development financing, particularly in competition with China. This undertaking is positioned as a pivotal step in bolstering South Asia’s infrastructure, with the potential to elevate Colombo into a top-tier logistics hub situated at the crossroads of major maritime routes and emerging markets, according to the U.S. International Development Finance Corp. The West Container Terminal, funded by a $553 million loan from the DFC, is poised to significantly enhance its shipping capacity, offering increased...