India extends first-ever rupee denominated line of credit; Mauritius gets Rs 487cr for water pipeline project | India News – Times of India
India has extended its first-ever rupee-denominated line of credit (LoC) to the Mauritius government, amounting to Rs 487.60 crores, to fund a water pipeline replacement project. This marks the first time India has offered a rupee-based credit line for project financing under the Indian Development and Economic Assistance Scheme (IDEAS). The project will involve the replacement of approximately 100 kilometers of aging water pipelines in Mauritius.The line of credit, provided by the government of India, will be financed by the State Bank of India on concessional terms.External affairs minister, Dr S Jaishankar, formally presented the offer to Mauritian attorney general and minister of agro-industry and food security, Maneesh Gobin. The Mauritius government has accepted the offer.This initia...