India extends first-ever rupee-denominated line of credit; Mauritius gets Rs 487 crore

India has extended a new line of credit amounting to Rs 487.60 crore to the government of Mauritius for financing of a water pipeline replacement project, the Ministry of External Affairs said on Thursday. "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 ministry said in a statement.

The project envisages replacement of nearly 100 km 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 S Jaishankar made the formal offer to his Mauritian counterpart, Maneesh Gobin, which has now been accepted by the government of Mauritius, it said.

"This is yet another reflection of India's long-standing commitment to 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," the MEA said.