India Makes History with First-Ever Rupee-Denominated Line of Credit Under IDEAS

India has extended a Rupee-denominated Line of Credit of INR 487.60 crores to Mauritius for a water pipeline replacement project, marking the first-ever instance of such a credit line under the Indian Development and Economic Assistance Scheme (IDEAS).

The project aims to replace approximately 100 kilometers of outdated water pipelines in Mauritius. The Line of Credit, backed by the Government of India, will be financed by the State Bank of India at concessional terms.

External Affairs Minister Dr. S. Jaishankar formally offered this credit line to his Mauritian counterpart, Mr. Maneesh Gobin, which has now been accepted by the Government of Mauritius.

This development underscores India’s long-standing commitment to the socio-economic development of countries in the Global South. India’s development projects are designed to cater to the needs and aspirations of its partner countries.

India’s initiative is a significant step towards promoting the use of the Indian Rupee in international transactions. This move reinforces India’s position as a key player in global development and cooperation.

The water pipeline replacement project is expected to improve the lives of Mauritian citizens by providing access to clean and reliable water. This collaboration strengthens the bilateral ties between India and Mauritius, demonstrating India’s dedication to supporting the growth and prosperity of its partner nations.