US agency conducting due diligence on Adani’s Sri Lanka project
bribery allegations against the conglomerate’s billionaire founder and other top executives.
The US International Development Finance Corp. hasn’t reached a final agreement on the loan, an official said in an emailed response to questions.
“We continue to conduct due diligence to ensure that all aspects of the project meet our rigorous standards before any loan disbursements are made,” the official said. “The project has not reached financial close or signed a loan agreement.”
The agency announced last year that it would help finance the port terminal in Sri Lanka’s capital that’s being developed by Adani Ports and Special Economic Zone Ltd. It would’ve been the US agency’s largest infrastructure investment in Asia and was meant to boost America’s presence in the region to counter China’s dominance.
US prosecutors indicted Gautam Adani and other defendants last week on charges of helping drive a more than $250 million bribery scheme to win Indian solar energy contracts, and concealing the scheme from US investors from whom they sought to raise money. The company has denied the allegations and said it’s seeking legal recourse.
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