Key facts
- German industry groups urged Berlin to join the Canada-led Defence, Security and Resilience Bank.
- Membership is needed to close financing gaps for defense companies and protect their access to future projects.
- The proposed bank would provide long-term, low-cost financing for defense, security and resilience projects.
- Companies from member countries could receive preferential access to procurement projects financed by the DSRB.
German business and industry associations on Thursday urged the government to join the Canada-led Defence, Security and Resilience Bank (DSRB). They said membership was needed to close financing gaps for companies in the defense sector and protect their access to future projects.
The proposed multilateral institution, backed by Canada, seven other NATO countries and Ukraine, would provide long-term, low-cost financing for defense, security and resilience projects. The associations warned that companies from member countries could receive preferential access to procurement projects financed by the DSRB, potentially excluding German companies or putting them at a competitive disadvantage.
A spokesperson for the German finance ministry said on Monday that Germany was an observer in the negotiations on DSRB's charter and was reviewing open questions.