The US will provide $553 million in financing for a port terminal in Sri Lanka’s capital, developed by Indian billionaire Gautam Adani, to counter China’s influence in the region. The funding from the International Development Finance Corp comes as both the US and India aim to reduce Beijing’s sway over Sri Lanka. The deepwater West Container Terminal in Colombo is the DFC’s largest infrastructure investment in Asia. The US funding is seen as an endorsement for Adani Group, which faced allegations of fraud earlier this year.
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