Proposed Defence, Security and Resilience Bank targets US$135 billion for NATO-aligned projects.
Canada is backing a proposed global defence bank that aims to raise about US$135bn for allied military projects, and some of the country’s biggest lenders are already tied in, according to Reuters.
Ottawa has signalled it will work with international partners on the Defence, Security and Resilience Bank (DSRB), a planned multilateral, state-backed institution designed to support rearmament for European and NATO member countries.
Finance Minister Francois‑Philippe Champagne first announced Canada’s interest in a post on X after talks with representatives of more than 10 nations.
A spokesperson later told Reuters that “Canada believes the Defence, Security and Resilience Bank would bring significant value if established and we are playing a leading role in discussions and negotiations.”
On the banking side, RBC, Bank of Nova Scotia and CIBC have confirmed they are partner banks in the DSRB Development Group, as per their press releases.
They join other major players, including JPMorgan, Royal Bank of Canada and Deutsche Bank, in backing the initiative, according to Reuters.
CIBC said in its press release that the DSRB is being developed as a multilateral financial institution focused on financing defence, security and infrastructure projects for NATO members and allied nations.
Scotiabank, in its own release, described the DSRB as “a new international financial institution” that will help NATO and allied partners deliver increased defence, security and resilience investment over the coming decade.
It said the bank will do this through “low-cost financing, procurement support and credit guarantee programs to mobilize private capital.”
Not all major European governments support the project.
Germany and Britain have said they will not back the DSRB, according to Reuters.
Germany argues that defence financing should run through existing European Union mechanisms, while a British government source has raised concerns that the DSRB may not meet the UK’s goal of getting more value from defence spending.
