New Delhi [India], October 17 : India has taken a significant step in strengthening its ties with Mauritius by extending a new Line of Credit of rupee 487.60 Crores for financing a water pipeline replacement project.
According to the Ministry of External Affairs statement, 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).
{{{{twitter_post_id####}}}}🇮🇳-🇲🇺| 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
MEA spokesperson Randhir Jaiswal shared a post on X, and wrote, "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."
The project envisages the replacement of approximately 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, 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 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.
Recently, Jaishakar paid an official visit to Mauritius on July 16-17. This is the first visit by EAM to Mauritius in his current term.
During his visit, EAM and Mauritius PM Pravind Kumar Jugnauth virtually inaugurated 12 India-assisted Community Development Projects. They also inaugurated a Mediclinic in Grand Bois along with the first overseas JanAushadi Kendra, testifying to the close cooperation between our countries, especially in the important sector of health.
Further, EAM met key Mauritian leaders during the visit and reaffirmed India's commitment to the continued strengthening of the longstanding and trusted Partnership between India and Mauritius.
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