COLOMBO, Sri Lanka (AP) — The U.S. announced a $553- million project Wednesday to build a new, deep-water shipping container terminal in the Port of Colombo as it competes with China in international development financing.
The U.S.-backed financing comes at a time when Sri Lanka is struggling to recover from a dire financial and economic crisis.
Sri Lanka borrowed heavily from China to build the port and other infrastructure including an airport and a city being built on reclaimed land.
Both neighboring India and China are jostling for influence in Sri Lanka and both have already invested in expanding facilities at the Colombo port.
Colombo port also has a terminal run by China Merchants Port Holdings.
Persons:
”, Scott Nathan, Sri Lanka’s John Keells, Lanka’s, Wang Wenbin, William & Mary, AidData, China's, saysChina, Bradley Parks, “, ” ___ Didi Tang
Organizations:
South, U.S . International Development Finance Corp, West, Local, Sri, Sri Lanka’s John Keells Holdings, Initiative, Foreign Ministry, China Merchants Port Holdings, CHEC Port City Colombo Co, China Communications Construction Company, William &
Locations:
COLOMBO, Sri Lanka, U.S, Port, Colombo, China, Bay, Bengal, Beijing, Hambantota Port, Hambantota, India, oceanside, Port City, Virginia, “ Beijing, Washington