Indian government to allocate funds for development of Iran's Chabahar port

Indian authorities will allocate up to US$1 billion for the development of the south-eastern Iranian port of Chabahar. This was reported by Tehran Times, a partner of TV BRICS.

Iran's Deputy Minister of Roads Ali Akbar Safaei said that the signing of a contract to supply relevant spare parts and equipment to the port is in the final stages.

Earlier, India had entered into an agreement with the Iranian side for the development and operation of Chabahar Port, located on the coast of the Gulf of Oman. The agreement is considered a turning point in bilateral and regional trade and economic co-operation between the two countries, the publication said.

The publication said the Indian side expects to strengthen ties with the North-South international transport corridor being developed with Iran and Russia, as well as trade relations with Central Asian countries.