The Union Cabinet on Wednesday gave approval to shipping ministry�s proposal for provision and operationalisation of credit of $150 million from EXIM Bank for development of Chabahar Port in Iran.

The Chabahar Port lies outside the Persian Gulf in Iran and will help in expanding maritime commerce in the region.

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. An MoU was signed between India and Iran in 2015.

By Indian Express