Canada advances global Defence, Security and Resilience Bank to rally mid‑tier powers

Prime Minister Mark Carney of Canada is leading a drive to establish a Defence, Security and Resilience Bank (DSRB) that would pool low‑interest capital to boost the defence capabilities of allied nations. The plan targets about $133 billion in loans, with contributions scaled to each country’s economic size; Canada itself could put in roughly €1.5 billion. Canada aims to unveil a list of roughly ten founding members at the NATO summit in Ankara, Turkey. Luxembourg has already confirmed participation and will host the bank’s European hub. Ongoing talks involve South Korea (estimated 50‑50 chance of joining) and a range of European states – the United Kingdom, Germany, Italy, Spain, Belgium, Ukraine and Turkey – while the UK is also pursuing its own MDM defence‑financing project with the Netherlands and Finland, though coordination with the DSRB is being explored. Germany has moved from a cautious stance to observer status. The initiative will compete with the EU’s SAFE programme and the NATO summit will be a key test of momentum.