India offers $500 mn credit to Mauritius, 5 pacts signed

PORT LOUIS: India today offered $ 500 million concessional line of credit to Mauritius for key infrastructure projects as the two nations signed five pacts, including on ocean economy, during Prime Minister Narendra Modi's visit to the strategic Indian Ocean island nation.

"I was pleased to offer a concessional line of credit of $ 500 million for civil infrastructure projects for Mauritius. We intend to quickly build the petroleum storage and bunkering facility in Mauritius," Prime Minister Modi said at the signing of the pacts following talks with his Mauritian counterpart Anerood Jugnauth.

"I consider our security cooperation to be a cornerstone of our strategic partnership. Our agreement on cooperation in Ocean Economy is an important step in deepening our scientific and economic partnership," he said.

Mauritius, in turn, offered India cooperation on information exchange on taxation.

"I also conveyed our deep appreciation for the support and cooperation offered by Mauritius on information exchange on taxation," Modi said.

During talks with Modi, Mauritian Premier Jugnauth raised the issue related to Mauritius-India Double Taxation Avoidance Treaty.

"I have requested PM Modi to give his full support on DTAA as it is of prime importance to global business sector," he said at the signing of the agreements.