New Delhi: India has extended a new Line of Credit for INR 487.60 crores to the Government of Mauritius for the financing of a water pipeline replacement project, the Ministry of External Affairs said.
This is the first-ever Rs-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 approx. 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 of India S. Jaishankar made the formal offer to his Mauritian counterpart, Maneesh Gobin, which has now been accepted by the Government of Mauritius.
India and Mauritius share a strong and multifaceted relationship characterised by historical, cultural, and economic ties. The connection dates back to the colonial era when many Indians migrated to Mauritius as indentured labourers, leading to a significant Indian diaspora. Both nations celebrate similar festivals and share linguistic ties, with a significant portion of the Mauritian population having Indian ancestry.
India is one of Mauritius's key trading partners. The countries have signed several agreements to enhance trade, investment, and economic collaboration.
New Delhi has provided defence assistance to Mauritius, including training and equipment support. Joint military exercises and maritime cooperation are also significant. India has engaged in various developmental projects in Mauritius, including infrastructure development, healthcare, and education.
The two nations enjoy a strong political relationship, with regular high-level exchanges and collaboration in international forums. India and Mauritius maintain a strategic partnership that continues to evolve, benefiting both countries.
