India launches historic Rupee-denominated credit line to Mauritius for water pipeline project
- In Reports
- 04:56 PM, Oct 18, 2024
- Myind Staff
India has announced a new financial aid package of Rs 487.60 crore to the government of Mauritius. This funding will help replace about 100 km of old water pipelines in the country. This move marks India’s first-ever offer of a Line of Credit in rupees to any country for project finance under the Indian Development and Economic Assistance Scheme (IDEAS).
The IDEAS program uses concessional loans to fund development initiatives in partner nations. The State Bank of India will provide concessional financing for the project. "India has extended a new Line of Credit for INR 487.60 Crores to the Government of Mauritius for the 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.
"The project envisages replacement of approx. 100 km of obsolete water pipeline in Mauritius," it added. The Line of Credit was formally offered to Maneesh Gobin, the Minister of Agro-Industry and Food Security of Mauritius, by External Affairs Minister S Jaishankar. The ministry reports that the Mauritian government has now accepted the offer.
The program is "yet another reflection of India’s longstanding commitment to the overall socio-economic development of countries in the Global South," according to the Ministry. It further stated that India's development initiatives are still motivated by the needs and ambitions of its partner nations.
Comments