LONDON, July 3, 2026 — Canada is seeking to unveil approximately 10 founding member countries for a proposed Defence, Security and Resilience Bank (DSRB) at next week’s NATO Summit in Turkey, marking a major step toward establishing a new international financial institution dedicated to strengthening allied defence capabilities.
The initiative is being championed by Canadian Prime Minister Mark Carney, who has called for closer cooperation among like-minded “middle powers” in response to what he describes as a changing global order and growing geopolitical uncertainty.
Speaking to Reuters, Isabelle Hudon, Canada’s chief negotiator for the project and Chief Executive Officer of the Business Development Bank of Canada, said officials are working toward announcing the initial group of participating countries during the NATO summit.
“We gave ourselves the NATO Summit as a deadline. What we are aiming to announce is the list of founding members,” Hudon said.
The proposed bank is intended to provide low-cost financing for defence, security and resilience projects among allied nations, with the goal of mobilizing up to £100 billion (approximately US$133 billion) in funding.
Hudon said the initial membership is expected to consist primarily of European countries, together with Canada. However, she declined to identify the participating nations, noting that final negotiations—including discussions on capital contributions—are still underway.
She cautioned that the announcement is not guaranteed but emphasized that the initiative continues to gain momentum.
“Our Prime Minister believes we should not wait for perfection before launching this initiative. We should bring together the countries that are ready to become founding members, while keeping membership open for others to join later,” she said.
The long-term success of the Defence, Security and Resilience Bank may depend on securing the participation of financially strong countries capable of helping the institution achieve a triple-A credit rating, which would enable it to borrow funds at the lowest possible cost.
Hudon revealed that discussions with South Korea have been encouraging, describing the country’s participation as a “50-50 possibility,” although it may join after the initial launch. She added that, at present, no other G7 countries appear close to signing on as founding members.
The proposed institution reflects Canada’s broader effort to strengthen international cooperation on defence financing at a time of heightened global security challenges and increasing pressure on allied nations to expand military investment.
If successfully launched, the Defence, Security and Resilience Bank would represent one of the most significant new multilateral defence financing initiatives in recent years.
Source: Adapted from Reuters/NDTV.