India has accelerated work on Chabahar Port, likely to be declared operational by May: CRS

india has accelerated work on chabahar port likely to be declared operational by may crs

Sumary of India has accelerated work on Chabahar Port, likely to be declared operational by May: CRS:

  • After a brief halt, India accelerated the work on Chabahar Port early this year and the strategic Iranian port is expected to be operational by next month, a Congressional report has said..
  • In 2015, India agreed to help develop Iran’s Chabahar Port and an associated railway that would enable India to trade with Afghanistan unimpeded by Pakistan, the independent Congressional Research Service (CRS) said in its latest report for the members of the US Congress..
  • Prepared for the lawmakers for them to take informed decision, the report, running into nearly 100 pages, said that in May 2016, Prime Minister Narendra Modi visited Iran and signed an agreement to invest USD 500 million to develop the port and related infrastructure..
  • During 2011-2016, when UN sanctions were in force on Iran, India’s central bank ceased using a Tehran-based regional body, the Asian Clearing Union, to handle transactions with Iran, and the two countries agreed to settle half of India’s oil buys from Iran in Indian currency….

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