In the first of its kind initiative, India has extended a new Line of Credit for Rs 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 project envisages replacement of about 100 km of obsolete water pipeline in Mauritius.
The GOI-supported Line of Credit will be financed by the State Bank of India at concessional terms, the Ministry of External Affairs said.
The offer about this Line of Credit was made by External Affairs Minister S Jaishankar to his Mauritian counterpart Maneesh Gobin some time back. It has now been accepted by the Government of Mauritius.
”This is yet another reflection of India’s long-standing commitment to the 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,” the MEA added.