India and Seychelles have finalized an umbrella line of credit agreement worth Rs 1250 crore, to be extended in rupees, aimed at supporting priority development projects in the African island nation, Foreign Secretary Vikram Misri announced on Sunday. The agreement was concluded during Prime Minister Narendra Modi's ongoing three-day state visit to Seychelles from June 27 to June 29, at the invitation of President Herminie.
Key Agreements Signed
Speaking at a special press briefing in Victoria, Misri stated, "The two sides have concluded an umbrella line of credit agreement which will be extended in rupees and amounts to Rs. 1250 crore. It will be used to support priority development projects in Seychelles." Additionally, the National Payments Corporation of India and the Central Bank of Seychelles signed a Memorandum of Understanding for deploying the Unified Payment Interface (UPI) in Seychelles.
Furthermore, India and Seychelles signed an extradition treaty aimed at combating transnational crime, along with a Memorandum of Understanding on cooperation in the exploration of outer space for peaceful purposes. These agreements mark a deepening of bilateral ties between the two nations.
Seychelles Requests Indian Assistance
Misri revealed that Seychelles requested India's assistance in setting up artificial intelligence and cyber security centres, as well as the provision of an advanced light helicopter. "During the course of the discussions today, President Herminie made a proposal requesting Indian assistance in the provision of an advanced light helicopter and in setting up centres in Seychelles devoted to cyber security and artificial intelligence. The Prime Minister welcomed these proposals and immediately signalled that India would look into these proposals and take them forward with a very positive frame of mind," Misri said. He added that both sides will engage in further discussions on these new proposals.
Regional and Strategic Context
The two sides also discussed the regional situation, particularly the crisis in West Asia and challenges in the Indian Ocean region. Misri reiterated Prime Minister Modi's remarks that India and Seychelles are connected by the Indian Ocean, which is an ocean of opportunity for both countries. He emphasized that ties between the two nations are based on trust, respect, and mutual understanding of priorities and interests.
Misri underlined Seychelles as an important partner for India, aligning with the vision of MAHASGAR (Maritime Heads for ASEAN and South Asia Growth and Alliance) and India's commitment to the Global South. He also highlighted that Prime Minister Modi receiving the 'Guardian of the Blue Horizon' award showcases his leadership in combating climate change and preserving the shared environment.
