SYNOPSIS
India has offered a ₹487.60 crore credit line to Mauritius to support the replacement of 100 km of aging water pipelines. This is the first instance of a rupee-denominated loan under the IDEAS scheme, reflecting India’s dedication to advancing socio-economic progress in the Global.
India has granted a new line of credit worth ₹487.60 crore to the Government of Mauritius, aimed at financing a water pipeline replacement project, as announced by the Ministry of External Affairs on Thursday.
In a statement, the Ministry of External Affairs announced that this is India's first-ever rupee-denominated Line of Credit (LOC) for project financing extended to any country under the Indian Development and Economic Assistance Scheme (IDEAS). The project will involve the replacement of approximately 100 km of outdated water pipelines in Mauritius.
The State Bank of India will finance the government-supported LOC on concessional terms. External Affairs Minister S. Jaishankar formally extended the offer to his Mauritian counterpart, Maneesh Gobin, and the government of Mauritius has accepted.
"This initiative is yet another reflection of India’s long-standing commitment to the socio-economic development of Global South nations. India's development projects remain focused on meeting the aspirations and needs of its partner countries," the Ministry added.
Conclusion
Introducing this rupee-denominated credit line to Mauritius represents a significant milestone in India's development cooperation efforts. By supporting the replacement of outdated water infrastructure, India is addressing critical needs in Mauritius and demonstrating its commitment to enhancing socio-economic conditions in partner countries. This initiative aligns with India's broader strategy to strengthen relationships with nations in the Global South, emphasizing sustainable development and infrastructure investment as key priorities. Such collaborations are vital for fostering long-term partnerships and mutual growth, further solidifying India's role as a pivotal player in global development assistance.
About RR Finance
An integrated financial services group, offering a wide range of financial products and services to corporations, institutions, high-net-worth individuals, and retail investors
Explore a wide range of investment opportunities with RR Finance
Disclaimer: The recommendations, suggestions, views, and opinions expressed by experts are their own and do not reflect the views of RR Finance. This blog is for information purpose only, not an investment advice.