Canada to Launch Global Defence Bank at NATO Summit

Prime Minister Mark Carney intends to announce approximately 10 founding nations for the Defence, Security and Resilience Bank (DSRB) during next week's NATO summit in Turkey. The bank seeks to provide up to £100 billion ($133 billion) in low-cost financing for military infrastructure and defence manufacturing to ensure security amidst a fracturing U.S.-led world order.

Lead negotiator Isabelle Hudon stated that the initial roster will likely consist of European countries, with Luxembourg already confirmed as the bank's European base. Hudon indicated that the government decided to rally ready countries rather than wait for a perfect roster, noting that membership will remain open after the launch.

While South Korea has engaged in productive talks, other G7 nations have yet to commit. The initiative faces competition from the European Union's SAFE programme and a separate UK-led project involving Finland and the Netherlands.