2 hrs ago
French Envoy Says IMEC Financing Differs Sharply From China’s BRI
A French envoy says IMEC and China’s Belt and Road Initiative use very different ways to pay for projects.
He says IMEC brings together several countries, institutions and private companies.
The envoy said tensions and disruptions in the Middle East make alternative trade routes more important.
He described IMEC as a network of routes, so goods could use another way if one route is blocked.
He also said the project aims to strengthen ties between India and Europe.
Businesses will still choose routes based on factors such as cost and speed.
French IMEC envoy Gérard Mestrallet said its financing model cannot be directly compared with China’s Belt and Road Initiative.
He described IMEC as a partnership involving multiple countries, institutions and private-sector participants, unlike BRI’s central-bank financing model as he characterized it.
Mestrallet said crises involving Gaza, Iran and the Strait of Hormuz have increased the need for resilient trade routes.
He described IMEC as a network of complementary routes that could provide alternatives if one route is blocked or disrupted.
Mestrallet said IMEC is also a geostrategic project, while market choices will still depend on cost, speed and infrastructure performance.
- Who
- Gérard Mestrallet, France’s special envoy for IMEC, discussed the corridor’s financing and purpose.
- What
- He said IMEC’s financing model differs from China’s Belt and Road Initiative and described IMEC as a resilient network of routes.
- Where
- The press conference was hosted by the French Embassy at ITC Maurya in New Delhi.
- When
- Mestrallet made the comments on Tuesday at a press conference in New Delhi.
- Why
- He said Middle East crises and risks to trade routes have increased the need for resilient connectivity and that IMEC aims to strengthen links between India and Europe.
Key facts
- Project
- India-Middle East-Europe Economic Corridor (IMEC)
- French envoy
- Gérard Mestrallet, Special Envoy of the French President for IMEC
- Comparison
- Mestrallet said IMEC and China’s Belt and Road Initiative have fundamentally different financing concepts.
- IMEC financing approach
- A partnership involving multiple countries, institutions and private-sector players, according to the article.
- Event
- Launch of the IMEC Ports Club
- Location
- ITC Maurya, New Delhi
- Disruptions cited
- The Gaza war, tensions involving Iran and risks around the Strait of Hormuz
Quotes
Gérard Mestrallet
French President’s Special Envoy for IMEC
“IMEC is now considered a network of complementary routes in order to be more resilient. More resilient, meaning that if on one particular route there is a blockage, an accident, a technical problem or even a local crisis, the other routes will be available.”
livemint.com
“We consider this project not only as a technical project or an economic project, but also as a geostrategic project, in order to strengthen the links between India and Europe.”
livemint.com
Sources
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