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India’s Modi Signs USD175M Seychelles Pact
(MENAFN) A major financial commitment worth $175 million was unveiled by India on Monday as Prime Minister Narendra Modi engaged in high-level negotiations with Seychelles leader President Patrick Herminie, signaling a strategic deepening of Indian Ocean ties.
The financial injection will be split into a $125 million rupee-denominated credit line and $50 million in direct grant support, according to a bilateral joint vision statement on sustainability, economic growth and security adopted by both nations. The package "will include blended financial assistance of $125 million in a rupee-denominated line of credit and $50 million in grant assistance for development cooperation projects, capacity building for civilians and defense officials, maritime security, etc."
Herminie, visiting India from Feb. 5-10 on an official state trip, participated in "comprehensive and productive discussions covering the entire spectrum of bilateral relations," the joint statement confirmed.
Both governments committed to strengthening ties across multiple levels. "Both sides agreed to intensify political and socio-economic engagements at leadership, Ministerial and Senior Official levels," while they also "agreed to deepen cooperation and intensify parliamentary exchanges between the two countries, including the sharing of best practices on parliamentary proceedings and capacity building."
In public remarks, Modi framed the partnership in sweeping regional terms: "Together, we will shape not just bilateral cooperation, but a shared future for the Indian Ocean."
Multiple Memoranda of Understanding received signatures from both sides Monday, further cementing the expanding relationship.
Since establishing formal diplomatic channels in 1976, economic exchange between India and Seychelles has demonstrated consistent upward momentum. Trade figures from 2024 reveal Seychelles purchased $91.73 million in Indian goods and services, while Indian imports from the island nation totaled approximately $2.46 million.
The financial injection will be split into a $125 million rupee-denominated credit line and $50 million in direct grant support, according to a bilateral joint vision statement on sustainability, economic growth and security adopted by both nations. The package "will include blended financial assistance of $125 million in a rupee-denominated line of credit and $50 million in grant assistance for development cooperation projects, capacity building for civilians and defense officials, maritime security, etc."
Herminie, visiting India from Feb. 5-10 on an official state trip, participated in "comprehensive and productive discussions covering the entire spectrum of bilateral relations," the joint statement confirmed.
Both governments committed to strengthening ties across multiple levels. "Both sides agreed to intensify political and socio-economic engagements at leadership, Ministerial and Senior Official levels," while they also "agreed to deepen cooperation and intensify parliamentary exchanges between the two countries, including the sharing of best practices on parliamentary proceedings and capacity building."
In public remarks, Modi framed the partnership in sweeping regional terms: "Together, we will shape not just bilateral cooperation, but a shared future for the Indian Ocean."
Multiple Memoranda of Understanding received signatures from both sides Monday, further cementing the expanding relationship.
Since establishing formal diplomatic channels in 1976, economic exchange between India and Seychelles has demonstrated consistent upward momentum. Trade figures from 2024 reveal Seychelles purchased $91.73 million in Indian goods and services, while Indian imports from the island nation totaled approximately $2.46 million.
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