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India-Mauritius Bilateral Cooperation

Context

In a notable step towards enhancing bilateral relations, India has extended a Line of Credit (LoC) worth Rs 487.60 crore to the Government of Mauritius. This financial assistance aims to replace approximately 100 kilometers of outdated water pipelines in the island nation. This marks the first-ever rupee-denominated Line of Credit extended by India to any country for project financing under the Indian Development and Economic Assistance Scheme (IDEAS).

Key Details of the Line of Credit

First Rupee-Denominated Line of Credit: This LoC is the first-ever rupee-denominated Line of Credit extended by India for project financing under the Indian Development and Economic Assistance Scheme (IDEAS).
Traditionally, India has extended its Lines of Credit in US dollars, but the introduction of a rupee-denominated LOC marks a strategic shift.
This scheme aims to provide concessional loans to support developmental projects in partner countries.
Financing Agency: The project will be financed by the State Bank of India (SBI) on concessional terms, ensuring affordable repayment conditions for Mauritius.
Project Objectives: The primary objective of this financial assistance is to facilitate the replacement of around 100 kilometers of obsolete water pipelines in Mauritius. The existing pipeline infrastructure has been deemed outdated and in need of urgent replacement to ensure efficient water supply and management.
Impact on Mauritius
- Infrastructure Improvement: The project is expected to enhance the reliability and quality of water supply for the residents of Mauritius.
- Sustainable Development: By improving water infrastructure, India aims to contribute to the sustainable development goals of Mauritius, promoting better health and hygiene standards.

Fact Box:

India-Mauritius Relationship

India and Mauritius formally established diplomatic relations in 1948.
Their shared history and connections go as far back as 1730 through successive Dutch, French and British occupation.
With over 70% of Mauritius' 1.2 million population being of Indian origin, the two nations enjoy a deep connection that extends beyond formal diplomatic relations.
The LOC comes at a time when both countries are celebrating the 75th anniversary of the establishment of diplomatic ties.
It also aligns with the broader framework of India’s "Act East" policy, under which India has sought to deepen its engagement with countries across Asia and the Indian Ocean region.

What is IDEAS initiative?

The IDEAS initiative, under which this LOC has been extended, is India’s flagship development assistance programme.
It aims to support infrastructure, capacity-building, and social welfare projects across Asia, Africa, and the Caribbean.
By providing concessional loans, India enables recipient nations to tackle pressing developmental challenges while avoiding crippling debt burdens.

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GS Analyst: Daily Current Affairs

19th October 2024 (11 Topics)

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India-Mauritius Bilateral Cooperation

Key Details of the Line of Credit

Fact Box:

Still Have Questions?

GS Analyst: Daily Current Affairs

India-Mauritius Bilateral Cooperation

Key Details of the Line of Credit

Fact Box:

Still Have Questions?

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