- Prime Minister Narendra Modi will visit Iran from 22 May to improve economic relations between the nations and increase engagement with the sanctions-free energy-rich nation.
- Ahead of his trip, India has accelerated its plans to repay the $6.5 billion (Rs 43,400 crore) it owes Tehran for crude oil imports. (NDTV)
- India has approached Turkey’s Halkbank to facilitate the payment and the money will be paid in euros. Iranian banks are yet to be integrated into the global banking system, making payment still a problem. (The Economic Times)
- Modi will also travel to Afghanistan to inaugurate Salma dam in Herat on June 4. The Rs 1400 crore project was built by Indian based company WAPCOS which is under the Ministry of Water resources.(Network 18)
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Topics: Narendra Modi Crude Oil Debts
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