The Canadian Prime Minister Mark Carney says nine countries have pledged support for a proposed global defence bank aimed at strengthening defence capabilities among allied nations.
Speaking at the NATO summit in Ankara, Carney said Albania, Belgium, Greece, Latvia, Luxembourg, Romania, Turkey and Ukraine have joined Canada in backing the proposed Defence, Security and Resilience Bank (DSRB), which will be headquartered in Canada.
Canadian Foreign Minister Anita Anand said “the bank remains open to additional members, although Canada is currently the only G7 country supporting the initiative.”
The DSRB is expected to mobilise up to £100 billion (134 billion dollars) in financing to support defence-related projects and expand industrial capacity across participating countries.
Canada said participating nations have been invited to complete their domestic ratification procedures, with the goal of making the bank operational by 2027.
According to a joint statement by the participating countries, “the bank is intended to expand access to capital, reduce financing costs and support defence industrial capacity among member states.”
The proposal for the DSRB was first put forward in 2024 by former NATO security advisers, retired military leaders and banking executives.
The initiative comes as NATO members seek to strengthen defence capabilities amid the ongoing war in Ukraine, tensions with Russia and growing concerns over China’s military expansion.
Reuters
