US Invests $553 Million in Sri Lanka's Colombo Port to Counter China's Influence
The United States plans to invest $553 million in building a deep-water shipping container terminal in Sri Lanka's Port of Colombo, aiming to compete with China in international development financing. The project, funded by the U.S. International Development Finance Corp, aims to transform Colombo into a world-class logistics hub and expand Sri Lanka's shipping capacity without adding to its sovereign debt. The move comes as Sri Lanka faces a financial crisis and struggles to recover. Both the U.S. and China have been vying for influence in Sri Lanka, with China's Belt and Road Initiative raising concerns about debt-trap diplomacy.