India is to open a $500-million line of credit to develop Iran’s Chabahar port into a regional trading hub, visiting Indian PM Narendra Modi said yesterday in Tehran, reports AFP. “Based on mutual contracts, the development of Chabahar (southeast) and its infrastructure, and allocating $500 million of credit from India in this regard, will be the cornerstone of this major action,” Modi said at a televised news conference with Iranian President Hassan Rouhani.