Adani’s Colombo Port project advances, Minister says set to boost Lanka’s economy
The Colombo West International Terminal (CWIT) project, led by Adani Ports and SEZ, continues to advance as planned despite recent developments, with the company announcing it will self-finance the $700 million venture.
The decision comes after withdrawing from a previously pledged $553 million loan from a foreign source demonstrating Adani’s robust financial position and firm commitment to the project. Speaking to the media during a recent tour of the Colombo Port, Minister of Ports, Bimal Rathnayake (Pictuered) also affirmed the project’s significance, stating, “It is crucial for Adani to commence operations as the project is anticipated to make a substantial contribution to Sri Lanka’s economy.”
“When considering the Colombo Port, a significant portion is owned by Sri Lanka Ports Authority (SLPA). Meanwhile, we are collaborating with other companies to enhance operations. Ports are among the largest industries globally and represent a key international business sector. While the government plays a significant role, there are also opportunities for private sector participation.”
The CWIT project, initiated in September 2021, represents Sri Lanka’s largest foreign direct investment in its port sector, with a 35-year agreement worth $1 billion. When complete, the terminal will be Sri Lanka’s largest and deepest container facility, featuring a 1,400-meter quay length and 20-meter depth, capable of handling Ultra Large Container Vessels with capacities of 24,000 TEUs. Adani Ports holds a 51% stake in the venture alongside Sri Lanka Ports Authority and John Keells Holdings. The project remains firmly on track for commissioning in early 2025, with construction progressing according to schedule helping in positioning Colombo as a premier transhipment hub in the Indian Ocean while strengthening regional trade connectivity.
“Our primary focus is on enhancing efficiency, supporting operations and maximizing the lawful benefits that can be secured for the country.”
He further explained that while SLPA maintains its role as the landlord, the operational structure follows successful global models of public-private partnership. “Even the world’s largest nations do not manage their ports entirely on their own,” he noted, emphasizing the importance of such collaborations in the modern maritime industry.
SLPA Chairman Admiral Sirimewan Ranasinghe (Retd) also expressed strong support for the project, emphasizing its strategic importance to Sri Lanka’s economic infrastructure. “Nothing is discussed about cancelling the deal at all. Adani Group has consistently fulfilled its contractual obligations, including bringing in necessary investments and equipment.”
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