Canada said Albania, Belgium, Greece, Latvia, Luxembourg, Romania, Turkey and Ukraine joined its push for the Defence, Security and Resilience Bank, with domestic ratification targeted before a 2027 launch.
Nine countries have committed to the proposed Defence, Security and Resilience Bank, with Canada saying Albania, Belgium, Greece, Latvia, Luxembourg, Romania, Turkey and Ukraine pledged support at the NATO summit in Ankara. The Canada-based multilateral lender aims to raise up to £100 billion ($134 billion) in low-cost financing for defence projects, support industrial expansion and provide loan guarantees to private banks backing defence firms, with partner countries invited to ratify the plan domestically ahead of a targeted 2027 launch. The initiative is intended to help allied countries and defence manufacturers gain cheaper access to capital as military spending rises in response to Russia's war in Ukraine, tensions with Russia more broadly and concerns over China's military expansion. Canada said the bank is seeking a triple-A credit rating to lower borrowing costs, but the initial membership list includes no other G7 heavyweight and Britain and Germany had previously kept their distance, potentially limiting its financial firepower even as UK finance minister Rachel Reeves said last month Britain was now "working closely" with Canada on the project.