India has taken a major step towards strengthening its relationship with Mauritius by extending a new Line of Credit worth ₹487.60 crore to finance a water pipeline replacement project. According to a statement from the Ministry of External Affairs, this is the first time India has extended a rupee-denominated Line of Credit for project financing to any country under the Indian Development and Economic Assistance Scheme (IDEAS).
MEA spokesperson Randhir Jaiswal shared the news on X, writing, “Strengthening our development partnership with the Global South! India extends its first Rs(Rupee) Line of Credit under the Indian Development and Economic Assistance Scheme (IDEAS). GoI supported LoC of Rs487.60 Crore financed by SBI to Mauritius at concessional terms for a Water Pipeline Replacement Project.”
🇮🇳-🇲🇺| 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…
— Randhir Jaiswal (@MEAIndia) October 17, 2024
The project involves replacing approximately 100 km of outdated water pipelines in Mauritius. The Line of Credit, backed by the Government of India, will be financed by the State Bank of India at concessional terms. External Affairs Minister S. Jaishankar made the formal offer to his Mauritian counterpart, Maneesh Gobin, which has now been accepted by the Government of Mauritius.
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This initiative underscores India’s ongoing commitment to supporting the socio-economic development of countries in the Global South. India’s development projects remain focused on the aspirations and needs of its partner nations.
Recently, Jaishankar made an official visit to Mauritius on July 16-17, marking his first visit to the country during his current term. During the trip, Jaishankar and Mauritius Prime Minister Pravind Kumar Jugnauth virtually inaugurated 12 India-assisted Community Development Projects, including a Mediclinic in Grand Bois and the first overseas JanAushadi Kendra, highlighting the close cooperation between the two countries, particularly in the health sector.
Jaishankar also met with key Mauritian leaders during the visit, reaffirming India’s commitment to further strengthening the long-standing and trusted partnership between India and Mauritius.
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