India approves $ 150 million for Strategic Chabahar Port of Iran
NEW DELHI: India approved a $150 million to develop the strategic Chabahar Port of Iran including a transit route to Afghanistan which will bypass Pakistan.
Indian cabinet approved the project and authorized Shipping Ministry to form a franchise in Iran and supervise relevant activities.
Shipping Ministry said “The Union Cabinet chaired by Prime Minister Narendra Modi has given its approval to the proposal of the Ministry of Shipping for provision and operationalisation of credit of USD 150 million from EXIM Bank for development of Chabahar Port in Iran.”
The agreement was signed in May last year during the visit of Tehran by Indian Highways and Shipping Minister Nitin Gadkari.
India will equip and operate two berths of Chabahar Port for ten years on lease and ownership would be transferred to Iran or may be extended after the completion of the period.
India is negotiating with other countries in the region to facilitate the project.