India and Seychelles Conclude ₹1,250 Crore Umbrella Line of Credit Agreement

India and Seychelles have concluded an umbrella line of credit agreement worth ₹1,250 crore, with the financing to be extended in Indian rupees for development projects in the African island nation, as per an ANI report.  

The announcement was made by Foreign Secretary Vikram Misri during a media briefing in Victoria on Sunday, as Prime Minister Narendra Modi concluded his three-day State Visit to Seychelles. 

The credit line will be used to fund priority projects identified by the Seychelles government. Officials have not disclosed the sectors that will receive funding or the implementation schedule for the projects. 

Agreements Cover UPI Payments, Security and Space 

Alongside the credit agreement, the two countries signed an extradition treaty is for strengthening cooperation in tackling transnational crime.  

India and Seychelles also signed a Memorandum of Understanding between the National Payments Corporation of India (NPCI) and the Central Bank of Seychelles to introduce India's Unified Payments Interface (UPI) in the country. 

An additional Memorandum of Understanding on cooperation in the peaceful exploration of outer space was also concluded during the visit, expanding the areas covered under bilateral cooperation. 

New Requests from Seychelles 

During bilateral discussions, Seychelles requested India's assistance in establishing centres dedicated to artificial intelligence and cyber security. The country also sought support for the supply of an advanced light helicopter. 

According to Misri, Prime Minister Modi acknowledged the requests and indicated that India would examine the proposals. The two governments will continue discussions through official channels before any further decisions are taken. 

Regional Developments Discussed 

The meeting also covered regional issues, including the ongoing situation in West Asia and security challenges in the Indian Ocean region. Officials said both sides exchanged views on matters related to maritime security and regional cooperation. 

Misri said Seychelles remains an important partner in India's MAHASAGAR vision and its engagement with countries of the Global South.  

Read More: RBI Permits Banks to Open Repatriable Rupee Accounts for Foreign Investors! 

Conclusion 

The ₹1,250 crore line of credit forms part of a broader set of agreements concluded during the visit. The discussions also identified new areas for future cooperation between India and Seychelles. 

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