Jerusalem | Welcoming the announcement of the ambitious India-Middle East-Europe Economic Corridor (IMEC), Israeli Prime Minister Benjamin Netanyahu has described it as the "largest cooperation project in our history" that will "change the face of the Middle East, Israel, and will affect the entire world".

The new economic corridor, which many see as an alternative to China's Belt and Road Initiative, was jointly announced on Saturday by the 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 in New Delhi.

In a video message released late Saturday evening, Netanyahu said that Israel is at the focus of an unprecedented international project that will link infrastructure from Asia to Europe. "I welcome the statement that was released today by the United States, India, Saudi Arabia, the UAE and the European Union, as well as France, Italy and Germany," Netanyahu said.