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Prime Minister Mark Carney said eight other countries have agreed to back the Defence, Security and Resilience Bank, a new financial institution that would invest in the defence industry and be hosted by Canada.
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Along with Canada, the initial supporting countries of the DSRB are Albania, Belgium, Greece, Latvia, Luxembourg, Romania, Turkey and Ukraine, Carney’s office said in a statement Tuesday.
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The announcement was timed to coincide with the North Atlantic Treaty Organization summit in Ankara, Turkey.
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“Leveraging a strong credit rating, the bank will provide long-term, low-cost financing for defence, security, and resilience initiatives across supply chains, helping governments and small and medium-sized enterprises address critical financing gaps,” Carney’s office said in a statement.
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Canada wants to bring the DSRB — dubbed a “bomb bank” by some — into operation next year and has encouraged countries to join. However, there’s potential overlap with other efforts to pool financial resources toward rearmament.
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Earlier on Tuesday, the United Kingdom, Poland, the Netherlands and Finland said they were making “significant progress” on a separate financing initiative called the Multilateral Defence Mechanism, aimed at creating cost efficiencies. European nations are in the middle of a massive military buildup to deal with escalating security threats from Russia.
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Some U.K. officials would like the MDM and DSRB to work together or even merge, according to a person familiar with the matter.
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