Canada will work with international partners to see what role it can play in setting up a proposed new multilateral defense bank to help rearm European and NATO member countries, Ottawa said on Friday.
Backers of the proposed Defence, Security and Resilience Bank want it to become a global state-backed institution with a triple-A credit rating capable of raising $135 billion to fund defense projects.
Germany and Britain have said they will not back the bank.
Finance Minister Francois-Philippe Champagne announced Canada's interest in a post on X after hosting talks with more than 10 nations.
"In the months ahead … (we) will be working closely with international partners to lead Canada's contribution in advancing the DSRB," he said.
Germany says increased defense financing should be achieved through the European Union's new Security Action for Europe scheme, which provides member states with loans of up to 150 billion euros ($175 billion) for joint procurement.
In September, a British government source said officials were concerned the DSRB proposal would not meet the government's goals of increasing value from defense spending.
Posted by IHateTrains123
4 Comments
“Germany says increased defense financing should be achieved through the European Union’s new Security Action for Europe scheme, which provides member states with loans of up to 150 billion euros ($175 billion) for joint procurement.”
Literally true. Internal competition that benefits nobody
I don’t see the point of this. Canada has a AAA credit rating, how would creating some bank improve its ability to raise funds?
Maybe this would befit smaller European states but AFAIK many of them also have strong credit ratings.
Just seems like another layer of bureaucracy…
Why don’t they just spend the 2% that NATO specifies. That’s like the bare bones basic stock thing isn’t it? Just do that.
Finance Minister Francois-Philippe Champagne announced on X that Canada is interested in leading a multilateral defence bank that aims to rearm European, NATO members and Indo-Pacific allies. The Defence, Security and Resilience Bank, or DSRB, has so far attracted 10 other countries, yet Britain and Germany have signalled that they are not interested in the initiative. Reporting by the [Globe and Mail](https://archive.fo/fW3PL) and the [CBC](https://www.cbc.ca/news/canada/ottawa/ottawa-defence-firms-back-bid-to-host-multinational-security-bank-9.7055209) suggests that Canada might possibly lead the DSRB and have its HQ located in Canada.
!ping Can&Foreign-policy