India approves $150 mn credit line for Iran port

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The union cabinet on Wednesday approved the provision and operationalisation of a $150 million EXIM Bank credit line for developing Iran’sChabahar Port that India intends to use as a transhipment point for expanding maritime commerce in the region.”Chabahar Port lies outside the Persian Gulf in Iran and will help in expanding maritime commerce in the region,” an official statement said after a cabinet meeting chaired by Prime Minister Narendra Modi.”India is negotiating this project to facilitate the growing trade and investment with Iran and other countries in the region, notably Afghanistan, and also to provide opportunities to Indian companies to penetrate and enhance their footprint in the region,” it added.