India to Earmark $1 Billion for Development of Iran’s Chabahar: Official

Iran’s deputy minister of roads said India has agreed to allocate $1 billion to the project on the development of Iran’s southeastern Chabahar Port.

News ID: 845792

EghtesadOnline: Implementation of the contract with India on developing Chabahar Port is on the priority of the programs of the Ports and Maritime Organization, Ali Akbar Safaei said.

Negotiations were held with the Indian investors three months ago and signing the contract on the provision of the relevant parts and equipment at Chabahar Port is at the final stage, the deputy roads minister added.

Pointing to the launch of a joint shipping company between Iran and India, he noted that the Indian company has agreed to finance the development of Chabahar by allocating between $250 million and $1 billion.

Last month, Iran and India signed the contract for partnership of the India Ports Global Ltd (IPGL) in equipping and operation of the freight and container terminals of Shahid Beheshti Port in Chabahar. / Tasnim