$500 mn US loan to Adani for Lanka port is pending'

THE PORT PROJECT IN SRIELANKA IS AS MUCH OF A MOVE BY THE US TO COUNTER CHINESE INFLUENCE IN THE ISLAND NATION AS IT IS TO HELP THE LOCAL ECONOMY FLOURISH

- Nehal Chaliawala Varun Sood

The US International Development Finance Corporation (DFC), which last year committed a half-a-billion-dollar loan to the Adani group for developing a port in Sri Lanka, has not yet disbursed any money to the Indian conglomerate.

"The project has not reached financial close or signed a loan agreement," a DFC official said in response to Mint's queries.

"We continue to conduct due diligence to ensure that all aspects of the project meet our rigorous standards before any loan disbursements are made," the official said over email.