Bangalore, Nov 15 (IANS): India Tuesday decided to give an additional $1 million to the Special Fund of the Indian Ocean Rim Association of Regional Cooperation (IOR-ARC).

"To finance projects and studies of common interest in the region, India has decided to provide additional funding of $1 million to the Special Fund," External Affairs Minister S.M. Krishna said at the 11th council of ministers meeting of the association being held here.

India for the first time assumed chairmanship of the 15-year-old association set up in 1997 to promote economic, including trade and investment, and cultural relations among the 18-member countries on the ocean rim.

"India shares the impatience of the member-nations to move from discussion to action. I hope this meeting will impart the required momentum in this direction," Krishna told his counterparts.

The Indian government has advised its heads of mission in the member-countries to attend the deliberations here to take forward the agenda in priority sectors of interest.

The regional bloc, in which India is a founding member, was set up in Mauritius with Australia, Bangladesh, Indonesia, Iran, Kenya, Madagascar, Malaysia, Mauritius, Mozambique, Oman, Singapore, South Africa, Sri Lanka, Tanzania, Thailand, the United Arab Emirates (UAE) and Yemen as the member-countries.

Seychelles, which left the organisation in 2003, re-joined Tuesday to become the 19th member of IOR-ARC.

The association also has five dialogue partners - Egypt, Japan, China, Britain and France - and two observers - Indian Ocean Tourism Organisation (IOTO) and Indian Ocean Research Group (IORG).

Of the member-countries, Australia, Bangladesh, Iran, Malaysia, Mozambique, Singapore, South Africa, Sri Lanka, Tanzania, the UAE and Yemen are represented by their respective foreign or deputy foreign ministers, while senior officials of other countries are attending the day-long meeting.