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DFC commits USD 0.5 bn to Colombo Port infrastructure

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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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No vehicles or vehicle permits for MPs – President

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Parliamentarians will not receive vehicles or vehicle permits this year, President Anura Kumara Dissanayake said.

He said this while delivering the 2025 Budget speech in Parliament today (Feb. 17).

The President also added that measures will be taken to auction off all luxury vehicles in the state sector in March 2025.

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Human Immunoglobulin case : Lab reports from India & Germany received

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Sri Lanka has received laboratory reports from India and Germany regarding the human immunoglobulin drug.

The police confirmed that a team of officers had traveled to those countries to obtain the reports.

The Attorney General’s Department stated that the reports will be used as evidence, and a final decision on the case will be made after they are thoroughly examined.

(News1st)

(Except for the headline, this story, originally published by News1st has not been edited by SLM staff)

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Train numbers in daily operations to be upped to reduce delays

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Deputy Minister of Transport and Highways, Dr. Prasanna Gunasena, announced that steps are being taken to increase the number of locomotives in daily operations to reduce train delays ahead of the introduction of electric trains in Sri Lanka

He emphasized the importance of improving train punctuality, stating that the government is actively addressing service cancellations. Currently, Sri Lanka operates around 217 to 220 daily train services, with 17 to 20 cancellations on average. The goal is to minimize cancellations and maintain consistent operations.

Dr. Gunasena noted that while the country typically requires 60 to 70 locomotives for smooth daily operations, only 45 to 50 have been available in recent times. However, efforts are underway to increase this number, with the expectation that over 60 locomotives will be in service by the end of February.

Additionally, he highlighted that currently, 52% of trains operate on schedule, while 17% experience delays exceeding 10 minutes, and 10% are delayed by more than 30 minutes. The government aims to improve these figures by enhancing locomotive availability and efficiency.

(dailynews.lk)

(Except for the headline, this story, originally published by dailynews.lk has not been edited by SLM staff)

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