India-Seychelles conclude umbrella line of credit agreement worth Rs 1250 crore

India and Seychelles have concluded the umbrella line of credit agreement to be extended to the African island nation for supporting its developmental projects, Foreign Secretary Vikram Misri informed on Sunday. As the two countries deepen their partnership, they have also signed an extradition treaty aimed at combating transnational crime.

Speaking at a special press briefing in Victoria on the ongoing visit of Prime Minister Narendra Modi, he told the media, "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.

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He further informed that the National Payments Corporation of India and the Central Bank of Seychelles also signed a Memorandum of Understanding for deploying the Unified Payment Interface (UPI) from India in Seychelles.

"The two sides have also signed an extradition treaty aimed at combating transnational crime and a Memorandum of Understanding on cooperation in exploration of outer space for peaceful purposes."

Signficantly, Seychelles has also requested India for assistance in setting up AI and cyber security centres along with an advanced light helicopter--which PM Modi immediately signalled that New Delhi would look into.

Misri said, "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. So the two sides will engage in further discussions on these new proposals that have been received from the Seychelles side."

He informed that the two sides also had a brief discussion on the regional situation, principally the crisis in West Asia, as well as challenges in the Indian Ocean.

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Misri reiterated Prime Minister Narendra Modi's remarks on how India and Seychelles are connected by the Indian Ocean--"It links the two countries, and it is for both countries an ocean of opportunity, and ties between the two countries will continue to be based on trust, respect, and an understanding of the mutual priorities and interests of both countries."

Misri underlined Seychelles as an important partner for India and the vision MAHASGAR, along with the commitment to the Global South.

Speaking about Prime Minister Narendra Modi receiving the Guardian of the Blue Horizon, Misri underlined how it showcases Prime Minister Narendra Modi's leadership role in integral areas of combating climate change and preserving the shared environment.

His remarks come as Prime Minister Modi is on a three-day State Visit to Seychelles from June 27 to June 29 at the invitation of President Herminie.