The financing from International Development Finance Corp. (DFC) for the deepwater West Container Terminal in Colombo is the US government agency's largest infrastructure investment in Asia, and among its biggest globally. It will bolster Sri Lanka's economic growth and "its regional economic integration, including with India, a key partner to both countries," DFC said in a statement.
The US funding also signals renewed efforts to loosen Beijing's sway over Sri Lanka after Colombo splurged on Chinese port and highway projects before its economic meltdown last year, which left it highly indebted to Beijing. India also wants to tilt the balance of power in its neighbourhood.
The funding is part of a global acceleration of DFC investments that totalled $9.3 billion in 2023. A US official described the Sri Lanka port financing as emblematic of the US commitment to be more engaged in development projects across the Indo-Pacific.
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