Adani Ports has decided to withdraw its request for $553 million in US financing for the Colombo West International Terminal (CWIT) project in Sri Lanka, opting instead for internal funding. This decision comes as the Sri Lanka Ports Authority reaffirmed its commitment to the project, which is the largest foreign direct investment (FDI) in the port sector of Sri Lanka, valued at $1 billion. The CWIT is expected to be completed by early 2025 and will feature a quay length of 1,400 meters and a depth of 20 meters, allowing it to accommodate Ultra Large Container Vessels (ULCVs) with capacities of up to 24,000 TEUs. The terminal is projected to achieve an annual handling capacity of over 3.2 million TEUs, significantly boosting Sri Lanka's shipping capabilities. This development occurs alongside China's Sinopec's agreement to build a $5 billion oil refinery in the Hambantota district, further highlighting the strategic importance of Sri Lanka in regional trade and investment. The simultaneous advancements in Sri Lanka's port infrastructure underscore the country's efforts to enhance its economic landscape amidst ongoing geopolitical considerations in the Indian Ocean region. [9639d592] [c88de8bf] [2c59ea72] [9d537b06]