‘Cannot compare’: French envoy on why IMEC’s financing model is ‘very different’ from China’s BRI | Exclusive
French envoy Gérard Mestrallet said IMEC’s financing model cannot be compared with China’s BRI, as the two projects follow fundamentally different approaches. He said Gaza, Iran and Hormuz risks have made IMEC more necessary as a resilient network of alternative trade routes.
French envoy Gérard Mestrallet, during a press conference in New Delhi, emphasized that the India-Middle East-Europe Economic Corridor (IMEC) and China’s Belt and Road Initiative (BRI) cannot be directly compared when it comes to financing models. Mestrallet explained that the BRI is financed through a central bank that works with various groups depending on the country and sector, whereas IMEC is developed as a partnership involving multiple countries, institutions, and private-sector players across its proposed route.
This fundamental difference in financing models makes it challenging to compare their competitiveness directly. Mestrallet highlighted the growing necessity for IMEC as a resilient and alternative connectivity corridor, particularly in light of recent geopolitical tensions and disruptions in West Asia, such as the Gaza war, tensions involving Iran, and risks around the Strait of Hormuz.
He also noted that the corridor should be viewed as a network of complementary routes to ensure resilience and diversify trade options amid potential disruptions.
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