Canada and eight partners will sign the agreement creating the Defence, Security and Resilience Bank (DSRB) on Nov. 30.
Representatives from Canada, Albania, Belgium, Greece, Latvia, Luxembourg, Romania, Türkiye and Ukraine are scheduled to meet in Luxembourg to sign the articles of agreement establishing the DSRB, Finance Minister François-Philippe Champagne said in a statement.
“In an increasingly uncertain and divided world, Canada is working to bring together like-minded partners to mobilize and deploy private capital in support of collective security by unlocking long-term financing, expanding defence industrial production, and building more resilient supply chains,” Champagne said.
The DSRB, which is intended to support defence investment, industrial production and supply chain development, will seek a AAA credit rating, supported by financial commitments from participating countries, with the goal of reducing financing costs and attracting private investment. The institution will be headquartered in Canada, with a European hub in Luxembourg. Membership will also be open to other allies and close partners that share its objectives.
The Bank is expected to become fully operational in 2027.
