Sign up here.A US agency that agreed to lend more than $500 million to an Adani Group-backed port development in Sri Lanka said it’s still conducting due diligence on the project, following bribery allegations against the conglomerate’s billionaire founder and other top executives.

A U.S. agency said on Sunday that it is reviewing the impact of Department of Justice bribery allegations against the founder of India's Adani Group on the agency's prior agreement to lend more than $550 million to a Sri Lankan port development backed by the group.

The financial outlook of several Adani Group companies linked to key projects in Sri Lanka has been downgraded to negative by S&P Global Ratings following corruption and fraud charges filed in the United States.

US International Development Finance Corporation, a state agency that agreed to finance a port terminal promoted by India's Adani group is conducting due diligence, a media report said, after bribery charges were filed against the group in America.

The U.S. agency is performing due diligence on Adani Group's involvement in a Sri Lanka project. Bloomberg News suggests this oversight reflects the project's significance and potential implications for U.

The U.S. International Development Finance Corporation is evaluating the implications of recent bribery allegations against Gautam Adani, founder of the Adani Group, on its prior commitment to lend over $550 million for a port development project in Sri Lanka.

This year, Sri Lanka entered a power purchase deal with Adani Green Energy Ltd. In terms of the agreement, the country will purchase electricity from the company over 20 years. The Adani Green Energy project received cabinet clearance from the previous government to produce 484 megawatts of wind power in two facilities the company would build in Mannar and Pooneryn and invest more than US$442 million in its projected life span of 20 years.

In value terms, India’s power exports to Bangladesh had crossed $1 billion, almost 10 per cent of India’s total exports to its neighbour.

A U.S. agency that agreed to lend more than $500 million to a Sri Lanka port development backed by the Adani Group said it is still conducting due diligence on the project in the wake of bribery allegations against the group's billionaire founder Gautam Adani and other top executives,

Sign up here.A US agency that agreed to lend more than $500 million to an Adani Group-backed port development in Sri Lanka said it’s still conducting due diligence on the project, following bribery allegations against the conglomerate’s billionaire founder and other top executives.