Canada backed as host country for new defense bank

According to the Department of Finance Canada, multilateral negotiations on the DSRB Charter, held in Montreal, have been concluded. The bank is expected to provide long-term, low-cost financing for defense, security and resilience projects, including support for supply chains, small and medium-sized enterprises, and member governments.

Participants in the negotiations unanimously supported the decision that, once the agreements are ratified, Canada, which hosted the talks, will serve as the host country for the bank’s future headquarters. It was previously reported that representatives from 18 countries took part in the negotiations, although their full composition has not been officially disclosed.

The government also stressed that significant work remains to be done to fully establish the institution.

“We are very pleased with the progress made during recent negotiations in Montréal to establish the Defence, Security, and Resilience Bank. These negotiations are a crucial step in taking the DSRB from idea to reality and launching this new defence-focused multilateral bank. The time to act is now, and I look forward to continuing working with our partners to establish and launch the DSRB,” Minister of Finance and National Revenue François-Philippe Champagne noted.

The DSRB initiative is seen as part of Canada’s broader strategy to strengthen its defense capabilities. In particular, the 2025 budget provides for more than $80 billion in defense investments, alongside the implementation of a new industrial strategy in this sector.

Earlier, Qazinform News Agency reported that Canadian authorities had also announced the creation of a national sovereign wealth fund, the Canada Strong Fund.