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India, Iran to speed up Chabahar plan before US sanctions

India, Iran to speed up Chabahar plan before US bans

Indian media have quoted informed officials as saying that the country plans to speed up the development of Iran’s Chabahar port before the new round of US sanctions against Tehran are put into place, the Economic Times quoted unidentified officials as saying that Tehran and New Delhi would rush to complete the first berth of Chabahar port to make it operational within the next weeks.

 

Earlier reports said that India had pledged $500 million for the port, which would become operational by 2019. The port would allow Indian shipments to bypass Pakistan on the way to Afghanistan and farther into Europe.

 

In May 2016, India Ports Global Private Ltd and Iran's Arya Banader had signed a commercial contract for the development and operation of Chabahar port.

 

According to the contract, India would construct two terminals (five berths) at the port with an investment of $85 million for procurement of port equipment. In addition, India would provide Iran a $150 million loan through the Export-Import Bank of India (EXIM Bank) for the project.

 

In February, Iran signed an agreement to lease the operational control of phase one of Chabahar port to India for 18 months.

 

The project would provide India with an easier land-sea route to Afghanistan.

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