Canada and its partners are set to gather in Luxembourg on Nov. 30 to officiate the signing of the agreement establishing the new Defence, Security and Resilience Bank (DSRB), the country's top official said in a statement on Monday.
"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 defense industrial production, and building more resilient supply chains," Finance Minister Francois-Philippe Champagne said.
"That work is bringing Canada together with Albania, Belgium, Greece, Latvia, Luxembourg, Romania, Türkiye, and Ukraine to establish the Defence, Security and Resilience Bank (DSRB), with membership open to other allies and close partners who share the Bank’s objective of enhancing defence, security, and resilience capabilities," he added.
He also informed that the bank will be headquartered in Canada and have a European hub in Luxembourg.
"This will be a major step towards creating a new multilateral institution with a broad mandate to strengthen the defense, security, and resilience capabilities of its members. The bank will help countries invest in their own defense capabilities and industrial capacity, while supporting collective priorities," Champagne said.