India Brings UPI To Seychelles, Seals ₹1,250 Cr Credit Deal As Modi Concludes Visit

India and Seychelles concluded a comprehensive line of credit agreement worth ₹1,250 crore, while signing a Memorandum of Understanding to roll out the Unified Payment Interface (UPI) in the island nation. Prime Minister Narendra Modi's three-day visit is schedule to conclud today, June 29.

Foreign Secretary Vikram Misri, speaking at a special press briefing in Victoria, said the line of credit will be extended in rupees and used to support priority development projects in Seychelles.

The UPI MoU was signed between the National Payments Corporation of India (NPCI) and the Central Bank of Seychelles.

Financial and Strategic Pacts

"The two sides have concluded an umbrella line of credit agreement which will be extended in rupees and amounts to ₹1250 crore. It will be used to support priority development projects in Seychelles," Foreign Secretary Vikram Misri told reporters.

The National Payments Corporation of India and the Central Bank of Seychelles signed an agreement to bring India's Unified Payments Interface to Seychelles, ANI reported. Officials also agreed to an extradition treaty targeting transnational crime and a memorandum on peaceful outer-space cooperation.

"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," Misri added.

Defense and Tech Cooperation

President Herminie requested Indian assistance with an advanced light helicopter and artificial intelligence and cybersecurity centres.

"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," Misri said.

Modi responded positively and said India would look into the proposals.

"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," Misri said.

Misri called Seychelles an important partner in India's MAHASAGAR vision and its broader commitment to the Global South.

Discussing Prime Minister Modi being honoured with the Guardian of the Blue Horizon award, Misri said the recognition highlighted the Prime Minister’s leadership in tackling climate change and advancing the protection of the shared environment.

What PM Modi Said

In an X post, the Prime Minister said that he was "honoured" to participate in Seychelles' National Day celebration, calling it "a fitting tribute to the remarkable journey of the Seychellois people over the past fifty years."

He added that India was "proud to stand alongside Seychelles as a trusted friend and partner in its development journey," expressing confidence that the friendship would "grow even further in the times to come."