At the NATO summit in Ankara, Canada said on Tuesday that nine countries have committed to backing a proposed multilateral lender intended to support allied defence capabilities.
In a statement read by Mark Carney, the prime minister of host country Canada, Ottawa named the partner governments as Albania, Belgium, Greece, Latvia, Luxembourg, Romania, Turkey, and Ukraine, in addition to Canada itself. These nations will be responsible for defining the initial policies and operational directives of the multilateral Defence, Security and Resilience Bank - referred to as the DSRB.
The stated goal of the DSRB is to strengthen the defence of allied countries by mobilizing as much as £100 billion ($134 billion) in inexpensive finance. Canada, which has taken the lead on promoting the DSRB this year, said the initiative is intended to unlock investment, reinforce the defence industrial base, and ensure allied capacity to respond collectively to emerging threats.
Canada has invited the partner countries to complete domestic ratification of the plans, with the aim of making the DSRB operational in 2027. Ottawa cited Russia’s full-scale invasion of Ukraine as an impetus that highlighted the need for allies to produce defence capabilities at both speed and scale.
The bank is being designed to achieve a triple-A credit rating. That target would enable the institution to offer low-interest loans for defence projects, with a particular focus on countries and companies that today have limited access to cheaper financing. The DSRB also plans to provide loan guarantees to private banks to support expansion of the defence industry.
Finance minister Anita Anand, speaking on the sidelines of the NATO summit, said the DSRB is open to additional members. Canada noted that Luxembourg had previously pledged support alongside Canada itself.
Next steps
- Partner governments have been invited to ratify the DSRB plans through their domestic processes.
- The objective is for the DSRB to begin operations in 2027, subject to ratification and implementation steps.
- The institution will pursue a triple-A credit rating to underpin its ability to provide low-cost finance and loan guarantees.
The announcement frames the DSRB as a collective financing mechanism for defence projects and industrial scaling rather than as a direct procurement agency. The initial group of nine backers will shape how the bank operates and set its early policy direction as it moves toward the stated operational timeline.