India signed an agreement with Iran to develop Chabahar port on May 23, 2016. The deal was signed between the Ports and Maritime Organization of Iran and India Ports Global Private Limited (IPGPL). IPGPL is a recently formed port project investment arm of the Ministry of Shipping (MoS) and is a joint venture (JV) between the Jawaharlal Nehru Port Trust (JNPT) and the Kandla Port Trust (KPT). India will invest $500 million for the development of Phase I of the port. An agreement with the Export Import Bank of India for providing $150 million credit has also been signed. Moreover, IPGPL has signed a contract with Arya Bandar Company of Iran for developing two terminals and five multi-cargo berths during Phase I of the project.