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The projects have failed to earn enough revenue to pay for the loans, and in 2017, Sri Lanka leased the seaport in Hambantota to China. Sri Lanka borrowed heavily from China to build the port and other infrastructure including an airport and a city being built on reclaimed land. Some of those projects have raised controversy, among them Sri Lanka’s Hambantota Port, on its southeastern coast.

Through it, Beijing has invested tens of billions of dollars each year to build roads, railways, ports, and airports, typically in developing nations, to foster trade and goodwill toward China. The DFC was established five years ago in response to Beijing’s massive global infrastructure building campaign, known as the Belt and Road Initiative. “It’s high priority for the United States to be active in the Indo-Pacific region,” he told reporters in Colombo after visiting the site of the new terminal. Nathan said that with the loan, Sri Lanka will be the “2nd biggest exposure” for his institution in the Indo-Pacific region, after India. The other partners are Sri Lanka’s John Keells Holdings, which has a 34 percent share, and the Sri Lanka Ports Authority with the remaining 15 percent. The DFC will make a direct loan to the consortium developing the terminal, which is 51 percent owned by India’s largest port operator, Adani Ports & Special Economic Zones Ltd. The Port of Colombo has been operating near its capacity since 2021, and the new terminal will cater to growing economies in the Bay of Bengal, the DFC said. The announcement comes as Sri Lanka is struggling to recover from a dire financial and economic crisis.

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