Sun Nov 24 19:16:59 UTC 2024: ## US Agency Delays $500 Million Loan to Adani-Backed Sri Lanka Port Amid Bribery Allegations
**Colombo, Sri Lanka/Washington D.C. –** The US International Development Finance Corporation (DFC) has announced a delay in disbursing a $500 million loan for a Sri Lankan port development project partly owned by India’s Adani Group. The delay follows bribery allegations against Gautam Adani, the group’s founder, and other top executives.
The DFC confirmed that it is conducting further due diligence to ensure the project meets its rigorous standards before releasing any funds. Last November, the agency pledged $553 million for the Colombo port terminal project.
The delay comes after US authorities charged Adani and seven others with bribery to secure lucrative Indian government contracts, potentially yielding $2 billion in profits over two decades. These charges include allegations related to the development of India’s largest solar power project.
The Adani Group has vehemently denied all accusations, both those levied by US authorities and a parallel civil case filed by the US Securities and Exchange Commission, stating the allegations are baseless and vowing to pursue legal recourse.
The DFC and the Adani Group have not yet responded to requests for further comment. The situation raises questions about the future of the significant investment in the Sri Lankan port project and highlights the potential ramifications of ongoing investigations into the Adani Group’s business dealings.
First Piper 