Credit Line
India gives INR 4.9 bln to Mauritius in first rupee-denominated credit line
This story was originally published at 11:32 IST on 18 October 2024
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NEW DELHI – India has extended INR 4.89 billion to Mauritius in the first-ever rupee-denominated line of credit, the Ministry of External Affairs said late on Thursday. Mauritius will use the money to finance a water pipeline replacement project, the ministry said in a release.
"This is the first-ever rupee denominated line of credit to have been extended by India for project financing to any country under the Indian Development and Economic Assistance Scheme," the ministry said. "The project envisages replacement of approx. 100 kilometres of obsolete water pipeline in Mauritius."
The credit line is supported by the Indian government and will be financed by the State Bank of India at "concessional terms", the ministry said.
The move can be seen as a step forward in the Reserve Bank of India and the government's broader plan for internationalisation of the Indian currency. In July 2022, the Indian central bank had announced measures to increase the use of the rupee in foreign trade, allowing exports and imports between two trading partner countries to be invoiced and settled in rupee denomination and exchange rate. End
Reported by Shubham Rana
Edited by Avishek Dutta
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