Adani Ports Withdraws $553 Million US Loan for Colombo Port Project, Plans Internal Funding

Billionaire Gautam Adani’s Adani Ports and Special Economic Zone (APSEZ) has decided to pull out of a $553 million loan agreement with the US International Development Finance Corporation (DFC) for developing a port terminal in Colombo, Sri Lanka. The company announced it would fund the project through internal accruals and a capital management plan. Adani Ports Opts for Internal Funding In a recent filing, APSEZ confirmed the withdrawal, stating: “The project will be financed through the company's internal accruals and capital management plan. We have withdrawn our request for financing from the DFC.” The loan agreement, initially signed last year, was part of a broader US effort to offer infrastructure funding alternatives to China's growing influence in the developing world. Rejection of Allegations The Adani Group has denied bribery allegations made in a US court filing, where it was accused of offering $265 million to Indian officials