New Delhi, Oct 17 (UNI) 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), a statement said.
The project envisages replacement of approx. 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.
External Affairs Minister of India S. Jaishankar, made the formal offer to his Mauritian counterpart, Maneesh Gobin, which has now been accepted by the Government of Mauritius.
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, the statement said.
The MEA spokesperson said in a post on X:
“Strengthening our development partnership with the Global South!
“India extends its first ₹(Rupee) Line of Credit under Indian Development and Economic Assistance Scheme (IDEAS).
“GoI supported LoC of ₹487.60 Crore financed by SBI to Mauritius at concessional terms for a Water Pipeline Replacement Project.”
