The Budget may have allotted Rs 150 crore for the development of Chabahar port in Iran, but it may not be enough to bring the long delayed project back to life as Tehran has not yet submitted a proposal for release of the fund despite several reminders, some officials say.
Indian government had set aside $235 million, or about Rs 150 crore, line of credit for the project since 2015 but is unable to release the first tranche of $150 million, they said.
“The funds cannot be released without paperwork and this has not yet reached the Indian government. Even reminders from EXIM Bank to Iran have not helped,” a person familiar with the matter told ET. Read More…
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