India to Europe via Middle East ‘largest cooperation project’

11 Sep 2023 CW Team

US President Biden said the project would create an economic corridor between India, the Middle East and the European Union (EU). He said, "We will invest in railways and shipping lines from India to Europe that will be connected through Saudi Arabia, UAE, Jordan and Israel." The US president added that the project will make it easier to trade and export, transfer clean energy and provide fast and stable internet service to countries in the Middle East. Saudi Crown Prince Mohammed bin Salman said that the kingdom will take part in the project with an investment of $20 billion and urged leaders to start the planning and implementation of the project immediately.

The US-backed project dubbed as the new Spice Route has been seen by many as a counterweight to China's Belt and Road Initiative (BRI). But Ashwini Vaishnaw, Railway Minister, said that the proposed India-Middle-East-Europe Corridor is different since the Chinese project forced host countries into a debt trap but the G20 project will bring in revenue.

The project will link electricity, data networks (via high-speed fibre optic cables), hydrogen pipelines, railway and port facilities across Middle East including United Arab Emirates, Saudi Arabia, Jordan and Israel –and potentially speed trade between India and Europe by up to 40 per cent.

The new economic corridor was jointly announced by leaders of the US, India, Saudi Arabia, the United Arab Emirates, France, Germany, Italy and the European Union on the sidelines of the G20 summit, which was based on the theme of ‘One Earth, One Family, One Future’.

See this PDF to know more about the G-20 New Delhi Leaders’ Declaration

Israeli Prime Minister Benjamin Netanyahu described the ambitious India-Middle East-Europe Economic Corridor (IMEC) project, announced during the G20 Summit in New Delhi, as the “largest cooperation project in our history that will change the face of the Middle East, Israel and affect the entire world. This vision starts in India, passes through the United Arab Emirates [UAE], Saudi Arabia, Jordan and Israel before reaching Europe.”US President Biden said the project would create an economic corridor between India, the Middle East and the European Union (EU). He said, We will invest in railways and shipping lines from India to Europe that will be connected through Saudi Arabia, UAE, Jordan and Israel. The US president added that the project will make it easier to trade and export, transfer clean energy and provide fast and stable internet service to countries in the Middle East. Saudi Crown Prince Mohammed bin Salman said that the kingdom will take part in the project with an investment of $20 billion and urged leaders to start the planning and implementation of the project immediately.The US-backed project dubbed as the new Spice Route has been seen by many as a counterweight to China's Belt and Road Initiative (BRI). But Ashwini Vaishnaw, Railway Minister, said that the proposed India-Middle-East-Europe Corridor is different since the Chinese project forced host countries into a debt trap but the G20 project will bring in revenue.The project will link electricity, data networks (via high-speed fibre optic cables), hydrogen pipelines, railway and port facilities across Middle East including United Arab Emirates, Saudi Arabia, Jordan and Israel –and potentially speed trade between India and Europe by up to 40 per cent.The new economic corridor was jointly announced by leaders of the US, India, Saudi Arabia, the United Arab Emirates, France, Germany, Italy and the European Union on the sidelines of the G20 summit, which was based on the theme of ‘One Earth, One Family, One Future’. See this PDF to know more about the G-20 New Delhi Leaders’ Declaration

Resources

04 Jun 2026

ULCCS Showcases Cooperative Model at UN Symposium

Uralungal Labour Contract Co-operative Society (ULCCS) showcased its community-led development model at the United Nations Headquarters in New York, where it participated as a panellist at the International Symposium on Cooperative Financial Institutions held on 28–29 May 2026.Jointly organised by the United Nations Department of Economic and Social Affairs (UN DESA), the International Cooperative Banking Association (ICBA), and the International Cooperative Alliance (ICA), the symposium was held under the theme ‘Fuelling Inclusive and Equitable Growth’ and brought together policymakers,..

Infrastructure Transport

04 Jun 2026

Delhi Airport to Finalise 20-Year Master Plan

Delhi International Airport Ltd (DIAL) is finalising a 20-year master plan to guide long term infrastructure and operational development at Indira Gandhi International Airport, an official said. The operator expects the plan to reflect changes in the airline industry, shifts in the competitive landscape and evolving infrastructure requirements across terminals, airside and support services. The official said the document is likely to be ready in the next two to two-and-a-half months as the operator moves through planning stages. The plan will be prepared after consultations with airport users ..

Real Estate

04 Jun 2026

Aadhar Housing Finance Targets Rs 500 bn AUM By FY29

Aadhar Housing Finance has set a target to raise its asset under management to Rs 500 billion (bn) by the end of FY29, aiming to achieve this over the next three financial years through an 18-20 per cent loan growth trajectory. The firm focuses on the low-income segment with a ticket size of less than Rs 1.5 million (mn) and has relied on that segment to drive expansion. The company closed FY26 with an AUM of Rs 305.71 bn, reflecting the expansion in recent years, and it reported a net profit rise of 22 per cent to Rs 11.08 bn. Management indicated that gross non-performing assets stood at 1.0..