‘Cannot compare’: French envoy on why IMEC’s financing model is ‘very different’ from China’s BRI | Exclusive

The India-Middle East-Europe Economic Corridor (IMEC) cannot be directly compared with China’s Belt and Road Initiative (BRI) when it comes to financing, France’s IMEC envoy, Gérard Mestrallet, underlining the fundamentally different models through which the two connectivity projects are being developed.

“The concept is very different. And so we cannot compare the competitiveness of the financing of the BRI and of IMEC,” Mestrallet, Special Envoy of the French President for IMEC, told LiveMint during a press conference hosted by the French Embassy at ITC Maurya in New Delhi on Tuesday.

“For the BRI, there is one central bank which finances the project. Depending on the country, depending on the nature of the sector, we will gather different groups,” he said.

Mestrallet was in New Delhi for the launch of the IMEC Ports Club alongside Christophe Castaner, Chairman of the Port of Marseille-Fos.

The comments come amid renewed focus on IMEC as geopolitical tensions and disruptions in West Asia raise questions over the resilience of existing trade routes and the need for alternative connectivity corridors.

Why IMEC cannot be compared with China’s BRI

Unlike China’s BRI, which Chinese state-linked financing institutions have historically backed, IMEC is being developed as a partnership involving multiple countries, institutions and private-sector players across its proposed route.

Mestrallet said the two projects therefore operate on fundamentally different financing concepts, making a direct comparison of their competitiveness difficult.

His remarks also come at a time when IMEC is being discussed not merely as an infrastructure project but as a potential strategic alternative to strengthen trade and connectivity among India, the Middle East and Europe.

Gaza, Iran, Hormuz make IMEC ‘more necessary’

The ongoing crises in the Middle East, including the Gaza war, tensions involving Iran and disruption risks around the Strait of Hormuz, have made IMEC more necessary, according to Mestrallet.

“The difficulties — 7 October, Gaza, Iran, Hormuz — have even increased the necessity to have a resilient corridor, offering several possibilities to the market,” Mestrallet said during the event.

According to the French envoy, IMEC should increasingly be viewed not as a single, fixed route but as a network of complementary routes that can provide alternatives when one route is disrupted.

“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,” he said.

Hormuz crisis puts IMEC back in focus

IMEC has returned to the centre of discussions as countries navigate the latest crisis in West Asia and the risks to shipping through critical maritime routes.

Amid the escalating conflict in West Asia, the proposed India-Middle East-Europe trade corridor is being viewed as a potential way to diversify connectivity and reduce dependence on vulnerable chokepoints.

US President Donald Trump has also renewed Washington’s support after backing the proposed trade network, which is intended to strengthen connectivity between India, the Middle East and Europe.

‘Not only a technical or economic project’

Mestrallet said IMEC should not be viewed merely as an infrastructure or economic initiative, arguing that the corridor also has a broader geopolitical objective.

“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,” he said.

The French envoy said the current geopolitical environment has strengthened the case for building alternative and resilient connectivity routes.

At the same time, he stressed that the market would ultimately determine which routes are used, with cost, speed and infrastructure performance continuing to shape commercial decisions.

The growing risks around the Middle East could also change the economics of global trade routes, Mestrallet said.

“Sometimes it will be cheaper, more competitive to take a longer route, but a safer route,” he added.

About the Author

Bhanu Pratap is a journalist who reports and writes on foreign affairs, India’s foreign policy, geopolitics and strategic affairs. He closely follows diplomatic developments in New Delhi and has a keen interest in defence and national security.<br> <br> Bhanu also focuses on in-depth, interview-based reports and regularly speaking with experts and policymakers to bring perspectives and context to major developments around the world.<br> <br> He is also interested in stories with strong humanitarian angles.<br><br> One such report examined the cases of Indian nationals who were allegedly recruited and forced into Russia’s war against Ukraine. While reporting the story, Bhanu spoke to the families of those affected and documented their experiences. The report was later taken into account by the United Nations in its findings on human rights violations linked to the war in Ukraine.<br> <br> For Bhanu, the zeal to produce meaningful and impactful journalism remains at the heart of his work.<br> <br>He has previously worked with Firstpost, NDTV, Newslaundry and Republic.<br><br> Bhanu studied at the Delhi School of Journalism, University of Delhi. He initially chose science with plans to pursue engineering, influenced by conventional expectations, but fate had other plans and eventually led him to journalism.<br><br> Beyond the newsroom, Bhanu enjoys exploring culture and history and often spends his days off on heritage walks. He is also passionate about travelling, biking and listening to folk music.<br> <br>For tips, reviews and suggestions, you can reach him at bhanu.pratap@htdigital.in.

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