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India has extended its first-ever rupee-denominated Line of Credit (LoC), granting Mauritius ₹487.60 crore.

International | Dated: 23 Oct 2024

The Government of India (GoI) has provided a new Line of Credit (LoC) of ₹487.60 crore to the Government of Mauritius to fund a water pipeline replacement project. This marks India’s first-ever rupee-denominated LoC for project financing to any country under the Indian Development and Economic Assistance Scheme (IDEAS).

🎯 Key Highlights:

  • - The formal offer for this project was made by Union Minister Subrahmanyam Jaishankar from the Ministry of External Affairs (MEA) to Maneesh Gobin, the Mauritian Attorney General and Minister of Agro-Industry and Food Security, and it was accepted by the Government of Mauritius.
  • - The financing will be provided by the State Bank of India (SBI) on concessional terms.

💡 Other Important Facts:

  • (i) The project involves replacing nearly 100 kilometers (km) of outdated water pipelines in Mauritius.
  • (ii) Its goal is to improve water supply infrastructure and ensure reliable access to clean water for residents.
  • (iii) IDEAS (formerly known as the India Development Initiative) is an initiative under the Ministry of External Affairs (MEA) aimed at providing concessional loans for infrastructure and social welfare projects across Asia (excluding Bangladesh, Nepal, and Bhutan), Africa, the Commonwealth of Independent States (CIS), and Latin America.

📚 Test Your Knowledge:

India recently extended its first-ever rupee-denominated Line of Credit (LoC) to which country?

Correct Answer: Mauritius

🚀 Quick Recap:

About Mauritius

  • PM : Pravind Jugnauth
  • Capital: Port Louis