News

DFC commits USD 0.5 bn to Colombo Port infrastructure

Published

6 months ago

November 8, 2023

editor

The U.S. International Development Finance Corporation (DFC) today (Nov. 08) announced it has committed more than half a billion dollars to support the development of a deepwater shipping container terminal in the Port of Colombo, Sri Lanka, that will provide critical infrastructure for the South Asian region.

The new terminal reflects DFC’s commitment to financing high-quality infrastructure that supports its partner’s development needs, invests in local communities, and is respectful of local financial conditions. The investment further demonstrates the United States’ enduring commitment to Sri Lanka’s economic growth and its regional economic integration, including with India, a statement issued by the US embassy in Colombo states.

The embassy further notes :

DFC Chief Executive Officer (CEO) Scott Nathan traveled to Sri Lanka to launch $553 million in financing to Colombo West International Terminal Private Limited to support the development of the deepwater West Container Terminal located within the Port of Colombo. Foreign Minister Ali Sabry, Chief of Staff to the President and National Security Advisor (NSA) Sagala Ratnayaka and U.S. Ambassador to Sri Lanka Julie Chung joined CEO Nathan for the ceremonial launch of the new terminal.

“DFC works to drive private-sector investments that advance development and economic growth while strengthening the strategic positions of our partners. That’s what we’re delivering with this infrastructure investment in the Port of Colombo,” said DFC CEO Scott Nathan. “Sri Lanka is one of the world’s key transit hubs, with half of all container ships transiting through its waters. DFC’s commitment of $553 million in private-sector loans for the West Container Terminal will expand its shipping capacity, creating greater prosperity for Sri Lanka – without adding to sovereign debt – while at the same time strengthening the position of our allies across the region.”

U.S. Ambassador to Sri Lanka Julie Chung said, “The $553 million investment by DFC for the long-term development of the Port of Colombo’s West Container Terminal will facilitate private- sector-led growth in Sri Lanka and attract crucial foreign exchange inflows during its economic recovery. This financing is symbolic of the United States’ long-standing commitment to the development and well-being of the people of Sri Lanka. Sri Lanka regaining its economic footing will further our shared vision for a free and prosperous Indo-Pacific.”

This investment models how DFC operates, supporting projects that are strategic, economically sound, and led by the private sector. DFC is working with world-class sponsors John Keells Holdings and Adani Ports & Special Economic Zones Limited (APSEZ). These companies’ local experience and high-quality standards will help support local jobs and make this project a long-term, sustained success for the Indo-Pacific.

News

Supreme Court moves another petition by Diana Gamage

Published

12 mins ago

May 10, 2024

nipuni

The Supreme Court has ordered that the petition filed by former State Minister Diana Gamage challenging a decision taken by the Samagi Jana Balawegaya (SJB) to cancel her party membership, be called on May 28.

This petition was taken up before the three-member Supreme Court bench consisting of Justices Gamini Amarasekara, Kumuduni Wickremesinghe and Mahinda Samayawardhena today (10).

At the time, President’s Counsel Faiszer Musthapha who appeared for the petitioner Diana Gamage, requested for a date to inform the court of the decision to be taken regarding this petition.

Accordingly, the judge bench ordered that the relevant petition be called on May 28 and that the decision regarding the maintaining of this petition be announced on the relevant date.

Leader of the Opposition Sajith Premadasa, General Secretary of the SJB Ranjith Madduma Bandara and several others have been named as respondents in this petition.

The SJB had earlier decided to expel Diana Gamage from the party citing that she had failed to comply with the unanimous decision taken by the party to vote against the 20th Amendment to the Constitution, by voting in favour. The SJB had also highlighted that this was a serious violation of party discipline, and that the Opposition Leader and the SJB’s leader Sajith Premadasa decided to suspend her party membership for the reputation or well-being and prosperity of the party.(adaderana.lk)

(This story, originally published by adaderana.lk) has not been edited by SLM staff)

News

US Assistant Secretary Donald Lu to visit SL

Published

19 mins ago

May 10, 2024

nipuni

Assistant Secretary of State for South and Central Asian Affairs Donald Lu will travel to India, Sri Lanka, and Bangladesh May 10 -15.

His trip will strengthen bilateral cooperation with each country and demonstrate U.S. support for a free, open, and prosperous Indo-Pacific region.

In Chennai, Assistant Secretary Lu will meet with Consulate personnel to bolster bilateral engagement in southern India.

He will then travel to Colombo to engage with officials from across the political spectrum and deepen the United States’ partnership with Sri Lanka. In his meetings, he will reaffirm the United States’ support for Sri Lanka’s economic recovery, as well as the importance of a robust civil society as a cornerstone of a free and democratic society.

Assistant Secretary Lu will conclude his trip in Dhaka, where he will meet with government officials, civil society leaders, and other Bangladeshis to discuss U.S.-Bangladesh cooperation, including on addressing the climate crisis and deepening economic ties.

News

Mujibur Rahuman sworn in as MP

Published

5 hours ago

May 10, 2024

nipuni

Mujibur Rahuman was sworn in as a Member of Parliament today (May 10) morning.

He took oath as an MP in the presence of Speaker Mahinda Yapa Abeywardana.

Issuing an extraordinary gazette on Thursday (09), the Elections Commission announced that Mujibur Rahuman was Declared Elected as a Member of Parliament to fill the vacancy created due to the determination of the Supreme Court canceling the Parliamentary membership of Diana Gamage.

However, in a letter to the Samagi Jana Balawegaya, the Women Parliamentarians’ Caucus had urged to appoint a suitable female to the parliamentary seat of Diana Gamage.