Canada wants more backers for global defence bank, foreign minister says
Canada is seeking broader support for a proposed defence bank that would offer low-interest loans and guarantees for allied military projects.
- On Tuesday, Canada sought more international support for its Defence, Security and Resilience Bank before announcing founding members at the NATO leaders' summit in Ankara.
- Prime Minister Mark Carney's government promoted the multilateral DSRB initiative and aimed to unveil around 10 national backers at the NATO summit, a lead negotiator told Reuters last week.
- The bank aims to raise up to $134 billion in cheap finance and provide loan guarantees to help small and medium-sized enterprises ramp up production.
- Foreign Minister Anita Anand noted that while Luxembourg is the only public backer, discussions continue to achieve a "critical mass" of support before an official launch.
- Securing startup capital from other nations remains essential for the DSRB's success, as the bank seeks a triple-A credit rating to bolster allied defence.
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41 Articles
President Nicousor Dan announced on Tuesday, from the NATO Summit, that Romania, along with other allies, has joined the coordinated declaration by Canada on the joint intention to establish the Defence, Security and Resilience Bank (DRRB). The head of state stressed that our country is a founding member of the new multilateral financial institution and that it is hosting a regional office of its own.
Canada Wins Support From Eight Countries for New Defense Bank
Nine states, including Romania, Canada, Turkey and Ukraine, announced at the NATO summit in Ankara the intention to establish the Bank for Defence, Security and Resilience (DSRB). The new institution will have the role of mobilizing public and private capital...
(New York = Yonhap News) Correspondent Kim Yeon-sook = The Defence, Security and Resilience Bank (DSRB), a new multilateral financial institution led by Canada...
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