France which assumed the presidency of the European Union last month wants to work with India to ensure transparent financing in the Indo-Pacific region, said a top French diplomat. The European Union has noted that China is using its financial heft to fund a large number of projects in the region and expects to announce its own transparent and green financing initiative in which India will play a pivotal part. It’s a big problem. China is using its financing to (fund projects in) some countries in the region, pointed out French Ambassador Emmanuel Lenain, in a conversation with journalists here Tuesday evening, citing Sri Lanka as an example. The European Union will be hosting the Indo-Pacific Forum on February 22, which Minister for External Affairs S Jaishankar is expected to attend. The financing initiative where India will play a central part may be unveiled at the forum, the Ambassador indicated, adding that it will be transparent and green (ecologically sustainable). China accounted for about 10 per cent of Sri Lanka’s Dollar 35 billion foreign debt as of April-end 2021, government data showed. Among key projects which China has funded are the Hambantota port, which the Chinese have taken over on… Read full this story
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