Sri Lanka: US Pledges $500 Million for Port of Colombo Expansion?

U.S. International Development Finance Corporation CEO, Scott Nathan, Commences Landmark Visit to Sri Lanka

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Scott Nathan serves as the Chief Executive Officer of the U.S. International Development Finance Corporation (DFC) [Photo: DFC]

The United States International Development Finance Corporation (DFC) Chief Executive Officer, Scott Nathan, is poised to embark on a significant visit to Sri Lanka from November 7-8, 2023. His visit underscores a significant step forward in enhancing infrastructure and economic development in the South Asian region.

A major highlight of CEO Scott Nathan’s visit will be his active participation in a launch event at the Port of Colombo, where the DFC will unveil a groundbreaking investment set to bolster critical infrastructure for the entire South Asian region. This investment is expected to have far-reaching implications for trade and connectivity, further solidifying Sri Lanka’s position as a key hub in the region.

In addition to the Port of Colombo event, CEO Nathan is scheduled to partake in a signing ceremony for the DFC’s investment commitment to Citizens Development Business Finance (CDB). This collaboration, in partnership with USAID Sri Lanka, aims to foster inclusive lending practices in Sri Lanka, empowering businesses and individuals across the country.

The visit will not be limited to ceremonial events, as CEO Nathan is set to engage in a series of high-level meetings with leaders from Sri Lanka’s top commercial and development banks. These discussions are expected to pave the way for greater financial cooperation and investment opportunities between the U.S. and Sri Lanka.

CEO Nathan’s itinerary also includes meetings with senior Sri Lankan government officials, underlining the commitment of the DFC to strengthen diplomatic and economic ties between the two nations.

Moreover, the CEO will conduct tours of facilities belonging to DFC clients in Sri Lanka. This hands-on approach will allow him to witness firsthand how DFC’s financing is driving local businesses towards achieving their development objectives, fostering sustainable economic growth and job creation.

In a significant development, reliable diplomatic sources indicate that the DFC is prepared to invest over $500 million USD into the container terminal currently under construction by a private terminal operator in Port of Colombo. This substantial investment underscores the commitment of the DFC to supporting critical infrastructure projects in the region.

The U.S. International Development Finance Corporation (DFC) is renowned for its partnerships with the private sector in financing solutions to address the most pressing challenges facing the developing world. DFC’s investments span across various sectors, including energy, healthcare, critical infrastructure, and technology, with a particular focus on supporting small businesses and women entrepreneurs to stimulate job creation in emerging markets. DFC adheres to the highest standards, emphasizing environmental sustainability, human rights, and workers’ rights in all its investments.

“CEO Scott Nathan’s visit to Sri Lanka highlights the DFC’s commitment to promoting economic growth, fostering cooperation, and building a more prosperous future for the South Asian region. This visit holds immense promise for Sri Lanka’s development and its role in regional connectivity and trade,” diplomatic sources added.

Sri Lanka Guardian

The Sri Lanka Guardian is an online web portal founded in August 2007 by a group of concerned Sri Lankan citizens including journalists, activists, academics and retired civil servants. We are independent and non-profit. Email: editor@slguardian.org

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