India approves $150 million Iran port plan

India approved a $150 million project to develop the strategic Iranian port of Chabahar, which includes a transit route to Afghanistan bypassing neighbouring Pakistan, a government statement said on Wednesday.

New Delhi signed a multi-million-dollar memorandum of understanding with Tehran last May to develop the port on its southeastern coast, but the deal had been stuck since.

The approval came at a cabinet meeting chaired by Prime Minister Narendra Modi.

The statement said the project would “provide opportunities to Indian companies to penetrate and enhance its footprint in the region,” adding: “Cabinet approves provision of credit of $150 million USD to Islamic Republic of Iran for Chabahar port development.” — AFP