India Inks Five Pacts With Mauritius, Offers $500 Mn Credit For Key Infrastructure Projects

PORT LOUIS: India signed five pacts with Mauritius and also offered $500 million concessional line of credit for key infrastructure projects as Prime Minister Narendra Modi met his Mauritian counterpart Anerood Jugnauth in Port Louis.

The five agreements signed between the two countries included one to tap the rich marine resources of the Indian Ocean island nation of Mauritius.

Modi, who arrived here earlier in the day from Seychelles, said Jugnauth and he had "discussed our shared interests in a safe and secure Indian Ocean and a stable and prosperous Indian Ocean Region. We value the leadership by Mauritius in this area".

He noted that India and Mauritius have built a relationship of "matchless strength and character".

Modi said that India would quickly build a petroleum storage and bunkering facility in Mauritius.

The two countries had last year inked a MoU for Indian Oil Corporation (IOC) and Mangalore Refinery and Petrochemicals Limited (MRPL) to set up oil storage terminals in the island country.

The terminals are expected to boost trade in petroleum products in the region and improve the supply of oil in Mauritius.

The project would also help in the re-export of petroleum products to the different islands across the Indian Ocean as well as to Africa. The cost of the project is estimated ton be over $130 million.

Mauritius' State Trading Corporation imports about 1.2 million tonnes of petroleum products, but has no storage tanks.

Modi also offered support for setting up a second cyber city in that country. India had helped to build the first cyber city in Mauritius a decade ago. "Its remarkable success reflects the strategic foresight of Mauritius in diversifying its economy," said Modi.

The MoU for the improvement in sea and air transportation facilities at Agalega Island of Mauritius provides for setting up and upgrade of infrastructure for improving sea and air connectivity at the Outer Island of Mauritius.

Modi said that the agreement on the development of the Agalega Island "is a major stride in our cooperation in infrastructure sector. It demonstrates the depth of our mutual confidence".

He stated that the two sides would continue their dialogue on revising the Double Taxation Avoidance Convention, which is based on "preventing abuse of the Convention, while enabling Mauritius to benefit fully from this arrangement".

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