India, Feb. 10 -- The Indian government on Monday announced a $175 million Special Economic Package for Seychelles, marking a significant milestone in bilateral relations between the two nations.

The announcement was made in a joint statement issued after talks between Prime Minister Narendra Modi and Seychelles President Dr Patrick Herminie.

"Reaffirming their commitment to expanding and deepening the people-centric development partnership between the two countries, India announced a 'Special Economic Package' of USD 175 million," the joint statement said. The package includes a blended financial assistance of USD 125 million in Rupee-denominated Line of Credit and USD 50 million in grant assistance for development cooperation projects...