A US agency that agreed to lend more than $500 million to an Adani Group-backed port development in Sri Lanka said it’s still conducting due diligence on the project according to The Economic Times.
Following bribery allegations against the billionaire founder, Gautam Adani, and other executives the US agency is in the process of reviewing the $500 million given to Adani Group regarding the port development project in Sri Lanka. According to The Economic Times, the US International Development Finance Corp. hasn’t reached a final agreement on the loan.
As reported, the agency had announced last year that it would assist in funding the port terminal which is being developed by Adani Ports and Special Economic Zone Ltd.
Furthermore, reportedly, Sri Lanka is also reviewing seperately the Adani Group’s planned wind power projects in the country, with the cabinet set to discuss the proposal in coming weeks.
