Canada Aims To Announce 10 Founding Nations For Global Defence Bank At NATO Summit

Canada is working to unveil around 10 founding nations for a new global defence bank at next week’s NATO summit in Turkey, according to the country’s top negotiator, Isabelle Hudon. The initiative, called the Defence, Security and Resilience Bank, is being championed by Canadian Prime Minister Mark Carney as part of a broader push to build an alliance of “middle powers.”

Bank Aims To Raise $133 Billion In Low-Cost Financing

The DSRB is designed to raise up to £100 billion, roughly $133 billion, in cheap financing to support the defence needs of allied nations. Hudon said the initial group of founding members would likely be mostly European countries alongside Canada, though she declined to name them, citing ongoing negotiations over capital commitments.

South Korea Weighing Possible Membership

Hudon said talks with South Korea have been productive, giving the country roughly a 50-50 chance of eventually joining, though no other G7 nations appear close to signing on. Luxembourg has already committed publicly and will host the bank’s European base. Contributions are expected to scale with each country’s economic size, with Canada potentially paying around €1.5 billion.

Britain, Germany Take Cautious Approach

Britain has so far opted to pursue its own defence financing initiative with the Netherlands and Finland, though officials have discussed possible alignment with the DSRB. Germany, previously distanced from the project, has now joined talks as an observer. Italy, Spain, Turkey, Belgium and Ukraine are also reviewing the proposal.