ANKARA, Türkiye – Canada announced the launch of an initiative to establish the “Defense, Security and Resilience Bank” with the support of nine countries.
This step aims to provide low-cost financing for military industrialization projects
and enhance the defense capabilities of allied countries. The bank will officially begin operations in 2027.
Massive funding to boost defense industries
Canadian Prime Minister Mark Carney said at the NATO summit in Ankara
that the new bank aims to raise up to £100 billion, equivalent to approximately $134 billion.
This is intended to provide the necessary funding to expand the defense industrial base
and accelerate the production of military equipment for member states.
He added that the new institution would open the door to broader defense investments,
ensuring that allies have the capabilities needed to meet growing security challenges.
Nine countries support the initiative
Carney explained that the countries that have pledged to join the bank
are Canada, Albania, Belgium, Greece, Latvia, Luxembourg, Romania, Turkey, and Ukraine.
The institution’s headquarters will be located in Canada.
Despite the absence of the rest of the G7 countries from the list of founders,
Canadian Foreign Minister Anita Anand confirmed that the door will remain open
for new members to join during the coming period. This enhances the bank’s financing capabilities.
Expected launch in 2027
Canada explained that the partner countries will begin completing the internal ratification procedures
for the agreement, in preparation for the bank to begin operating during 2027.
In a joint statement, the participating countries affirmed that the bank will work to expand access to capital and reduce financing costs.
It will also support the development of defense industries in member states.
She noted that the Russian-Ukrainian war demonstrated the need to accelerate the development of military capabilities.
She also highlighted the importance of strengthening defense cooperation among allies to address global security challenges.
