India extends its first-ever rupee-denominated Line of Credit under IDEAS

India has extended a new Line of Credit for 487.60 crore rupees to the Mauritius government for financing 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 project envisages the replacement of approximately 100 kilometers of obsolete water pipeline in Mauritius.

The Government of India-supported Line of Credit will be financed by the State Bank of India at concessional terms. External Affairs Minister Dr 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.

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