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India extends Rs 487 cr credit line to Mauritius

India has extended a new Line of Credit for Rs 487.60 Crore to Mauritius for financing of a water pipeline replacement project. This is the first-ever Line of Credit to have been extended in ‘Rupee’ terms. It is for a...

Tribune News Service

New Delhi, Updated At : 06:44 AM Oct 18, 2024 IST

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India has extended a new Line of Credit for Rs 487.60 Crore to Mauritius for financing of a water pipeline replacement project. This is the first-ever Line of Credit to have been extended in ‘Rupee’ terms. It is for a project financing to any country under the Indian Development and Economic Assistance Scheme (IDEAS). The project envisages replacement of approx 100 km of obsolete water pipeline in Mauritius.

The 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.

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