Key facts
- Canada seeks additional international support for its proposed Defence, Security and Resilience Bank (DSRB).
- The DSRB aims to provide up to $134 billion in financing for defence projects.
- The bank intends to offer low-interest loans and loan guarantees to defence sector entities.
- Luxembourg is currently the only other named backer of the initiative.
- Canada wants to secure more commitments before announcing founding nations.
Canada is seeking broader international backing for its proposed multilateral Defence, Security and Resilience Bank (DSRB) before officially naming its founding members, according to Foreign Minister Anita Anand. The initiative, championed by Mark Carney, aims to raise up to $134 billion (100 billion pounds) in low-cost financing to bolster the defence capabilities of allied nations and support the scaling of the defence industry through loans and guarantees.
Anand stated that while the project has achieved a "critical mass" of support, more countries are needed to join before an announcement of initial backers. Luxembourg is currently the sole other publicly declared supporter of the DSRB. The bank's objective is to secure a triple-A credit rating to facilitate affordable funding for defence projects, particularly for nations and companies facing challenges in accessing cheaper finance.