NEW DELHI (Reuters) - India's cabinet on Wednesday approved a $150 million credit line for the development of Iran's Chabahar port, the government said in a statement.
The port of Chabahar in southeast Iran is central to India's efforts to circumvent arch-rival Pakistan and open up a route to landlocked Afghanistan where it has developed close security ties and economic interests.
India and Iran agreed in 2003 to develop Chabahar on the Gulf of Oman, near Iran's border with Pakistan, but the venture has moved slowly because of the sanctions over Iran's atomic programme. Western nations last months lifted some of those sanctions.
(Reporting by Nidhi Verma; Editing by Mark Potter)
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