Canadian Prime Minister Mark Carney announced at the NATO Summit in Ankara that nine countries have pledged support for a new global defence bank.
Carney stated that Albania, Belgium, Greece, Latvia, Luxembourg, Romania, Türkiye and Ukraine have pledged support for the Defence, Security and Resilience Bank (DSRB) and that these countries will shape the bank's initial policies and operations.
The bank aims to provide up to £100 billion ($134 billion) in low-cost financing to strengthen allied defence.
Progressing under Canadian leadership
The Canadian government took on the promotion of the DSRB this year and had aimed to announce around 10 national supporters at the NATO summit. Carney said in his statement:
"Canada is leading to build the foundations of our common security. The Defence, Security and Resilience Bank will unlock investments, strengthen our defence industrial base, and ensure that Canada and our allies have the capacity to tackle the challenges of a more dangerous and divided world together."
Canada added that partner countries have been invited to put the plans through their internal approval processes and that the DSRB is targeted to become operational in 2027.
Russia's invasion of Ukraine a key factor
The statement emphasized that Russia's full-scale invasion of Ukraine has highlighted the need for allies to rapidly produce defence capabilities on a large scale.
While no G7 country other than Canada is on the DSRB's list of supporters, Finance Minister Anita Anand said on the margins of the NATO Summit that the bank is open to new members.
The bank plans to obtain a triple-A credit rating, provide low-interest loans for defence projects, and offer credit guarantees to private banks. Canada and Luxembourg had previously announced their support.
