News
DFC commits USD 0.5 bn to Colombo Port infrastructure
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.
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Draft resolution on SL, adopted without vote
News
President meets officials from Customs & IRD
President Anura Kumara Dissanayake held a key meeting today (Oct. 09) with senior officials from both the Sri Lanka Customs Department and the Inland Revenue Department at the Presidential Secretariat today (09). The discussions centered on strategies to enhance revenue generation and improve operational efficiency within both departments, in line with the government’s broader economic mandate.
During the meeting, officials from both departments presented the challenges they face in managing revenue and tackling tax evasion. They stressed the importance of strengthening coordination between the Inland Revenue Department (IRD) and Customs to effectively combat these issues. It was highlighted that better collaboration would ensure more robust enforcement of tax laws and prevent tax leakage, further boosting the country’s revenue collection.
Representing the Sri Lanka Customs Department were Mr. PBSC Nonis, Director General of Customs; Mrs. HW SP Karunaratne, Additional Director General of Customs; Mr. CSA Chandrasekara, Additional Director General of Customs; Mr. WSI Silva, Additional Director General of Customs; Mr. SP Arukgoda, Additional Director General of Customs; Mr. J M M G Wijeratna Bandara, Additional Director General of Customs; Mr. A. W. L. C. Weerakoon, Senior Deputy Director and Mr. MRGAB Muthukuda, Chief Financial Officer, among other officials.
From the Inland Revenue Department, Mrs. WS Chandrasekara, Commissioner General; Mr. BKS Shanta, Deputy Commissioner General; Mrs. JADDB K Siriwardena, Deputy Commissioner General; Mrs. JD Ranasinghe, Deputy Commissioner General; Mr. DMNSB Dissanayake, Deputy Commissioner General; Mr. HHS Samantha Kumara; and Ms. TMS Thennakone, Senior Commissioner, participated in the discussions.
(President’s Media Division)
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