New Delhi: India has announced a new Line of Credit (LoC) amounting to rs 487.60 crore to the Government of Mauritius for the replacement of obsolete water pipelines. This marks India’s first-ever rupee-denominated LoC extended for project financing to any country under the Indian Development and Economic Assistance Scheme (IDEAS).
The project aims to replace approximately 100 kilometers of outdated water pipelines in Mauritius. The funding will be facilitated by the State Bank of India at concessional terms.
External Affairs Minister S. Jaishankar formally presented the offer to his Mauritian counterpart, Maneesh Gobin, which has now been accepted by the Mauritian government. This initiative underscores India’s ongoing commitment to the socio-economic development of nations in the Global South.
A spokesperson from the Ministry of External Affairs (MEA) highlighted the importance of this partnership, stating, “Strengthening our development partnership with the Global South! India extends its first ₹ Line of Credit under IDEAS.”
This development reflects India’s approach to addressing the aspirations and needs of its partner countries while enhancing bilateral relations through cooperative projects.
