Nine Nations Back Proposed Global Defence Bank at NATO

At the NATO summit in Ankara, Canadian Prime Minister Mark Carney announced that nine countries, including Albania, Belgium, Greece, Latvia, Luxembourg, Romania, Turkey, and Ukraine, have pledged support for the proposed Defence Security Resilience Bank (DSRB). The DSRB aims to strengthen defense capabilities among allied nations and is expected to mobilize $100 billion (approximately $134 billion) in financial support for defense-related projects, expanding industrial capacity across participating countries.

The bank will be headquartered in Canada, with Canadian Foreign Minister Anita Anand overseeing its establishment. The goal is to make the bank operational by 2027, following the completion of domestic ratification procedures by participating nations.

The DSRB was first proposed in 2024 by a former NATO security advisor and retired military leader, as NATO members seek to enhance their defense capabilities amid ongoing tensions from the war in Ukraine and concerns regarding military expansion by China.