Key Points
The US will provide $553 million in financing for a port terminal in Sri Lankas capital being developed by Indian billionaire Gautam Adani, as New Delhi and Washington look to curtail Chinas influence in South Asia...
It will bolster Sri Lankas 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 Beijings 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..
The Indian billionaire a long-time supporter of Indian Prime Minister Narendra Modi, who has challenged China in past public speeches denied these claims, saying the investments addressed Sri Lankas needs..
But funding has accelerated in recent years and the agency has helped Washington close the development spending gap with Chinas much more higher-profile Belt and Road Initiative, according to a new report from the AidData institute at William & Mary in Virginia...
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