India announces USD 100-million credit to Seychelles

India and Seychelles on Monday agreed to work together on a project to develop a naval base at the Assumption Island keeping each other's concerns in mind after talks between Prime Minister Narendra Modi and President Danny Faure.

India also announced a USD 100-million credit to Seychelles for augmenting its defence capabilities.

"With this credit, Seychelles will be able to buy defence equipment to boost its maritime capacity," Prime Minister Modi said in his joint media statement with Faure.

On the project to develop a naval facility at the island, which would give India a strategic advantage in the Indian Ocean Region, Modi said, "We have agreed to work together on the Assumption Island project based on each other's rights."

Faure, in his remarks, said the Assumption Island project was discussed and the two countries equally engaged to work together bearing each other's interests.