India extends first Rupee Line of Credit to Mauritius

India has extended a new Line of Credit of Rs 487.60 crore to the government of Mauritius to finance a water pipeline replacement project. This marks the first Rupee-denominated Line of Credit provided by India for project financing to any country under the Indian Development and Economic Assistance Scheme (IDEAS).

According to the Ministry of External Affairs, India has extended a new line of credit of Rs 487.60 crore to the government of Mauritius for a water pipeline replacement project. The project aims to replace approximately 100 km of outdated water pipelines in Mauritius. The India-backed line of credit will be financed by the State Bank of India on concessional terms.

In a statement, the Ministry said that this is the first Rupee-denominated Line of Credit extended by India for project financing to any country under the Indian Development and Economic Assistance Scheme (IDEAS). 

The External Affairs Minister Dr. S. Jaishankar made the formal offer to Mauritian attorney general and Minister of Agro-industry and food security Mr. Maneesh Gobin, which has been accepted by the Mauritian government. 

The MEA said, “This 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.”