Finance Minister François-Philippe Champagne said Monday the member states will gather in Luxembourg next month to sign the agreement to establish the Defence, Security and Resilience Bank.
Canada and eight European countries are partnering together to officially launch a new bank to finance defence purchases.
Finance Minister François-Philippe Champagne said Monday the member states will gather in Luxembourg next month to sign the agreement to establish the Defence, Security and Resilience Bank.
“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,” he said in a statement.
Canada has already been selected as the bank’s headquarters, while Luxembourg will act as the European hub.
The other members of the bank are Albania, Belgium, Greece, Latvia, Luxembourg, Romania, Türkiye, and Ukraine.
Champagne said in a statement membership will be open to “other allies and close partners who share the bank’s objective of enhancing defence, security, and resilience capabilities.”
The U.K. recently announced that it wouldn’t join the DSRB, opting instead to pursue its own project, the Multilateral Defence Mechanism.
In a statement on Sunday, Canada and the U.S. agreed to craft a framework for co-operation between both banks, “having mutually concluded that it is best to develop two distinct but complementary institutions.”
The signing of the articles of agreement for the bank is set for Nov. 30.