Iran has confirmed signing of a memorandum of understanding with India to construct the Chabahar Port. India will invest $85 million and $110 million in the first and the second stage of the construction respectively, the Iranian Ministry of Housing and Urban Development reports.
The sides reached an agreement on the construction of the port situated on the Gulf of Oman, near the Pakistani border, in 2003. The Western sanctions hindered the construction project. India has activated cooperation with Iran in the energy and other sectors in light of the signing of the final Iranian nuclear deal set for June 30.
