News Brief
India Extends First-Ever Rupee-Denominated Line Of Credit Under 'IDEAS' To Mauritius For Water Pipeline Project—All About It
EAM Jaishankar with Mauritian FM Maneesh Gobin
In a significant development, India has extended a new Line of Credit worth Rs 487.60 crore to the Government of Mauritius.
The financial assistance will support a project aimed at replacing around 100 km of outdated water pipelines in the island nation.
This marks the first-ever rupee-denominated Line of Credit extended by India to any country for project financing under the Indian Development and Economic Assistance Scheme (IDEAS).
The IDEAS initiative supports developmental projects in partner countries through concessional loans.
The project will be financed by the State Bank of India on concessional terms.
"India has extended a new Line of Credit for INR 487.60 Crores to the Government of Mauritius for financing of a water pipeline replacement project. This is the first-ever Rupee denominated Line of Credit to have been extended by India for project financing to any country under the Indian Development and Economic Assistance Scheme (IDEAS)," the MEA said in a statement.
External Affairs Minister S Jaishankar had made the formal offer of the Line of Credit to Mauritian Minister of Agro-Industry and Food Security Maneesh Gobin.
The offer has now been accepted by the Mauritian government, according to the ministry.
The Ministry said that the initiative is "yet another reflection of India’s long-standing commitment to overall socio-economic development of countries in the Global South".
India’s development projects continue to be driven by the aspirations and needs of its partner countries, it added.
