Canada Champions New Defence Resilience Bank Initiative

Canada is set to host a gathering next week to initiate the formation of a new multilateral bank aimed at enhancing defence capabilities of supporting countries. The Defence Resilience and Security Bank (DSRB) discussion will occur in Montreal and seeks to unify international collaboration in defence funding.

Canada is preparing to host a key meeting next week to discuss the establishment of a new multilateral bank dedicated to bolstering the defence sectors of supportive nations, according to a statement from the country's minister of foreign affairs.

The initiative, known as the Defence Resilience and Security Bank (DSRB), is being spearheaded by Canada as part of Prime Minister Mark Carney's agenda to fortify cooperation among NATO members and allies. Foreign Minister Anita Anand announced during a conference at London's Chatham House that the inaugural meeting would be held in Montreal.

Anand emphasized Canada's commitment to international collaboration in defence and security, highlighting the need for a coordinated approach. The DSRB aims to pool capital to aid various countries' defence industries, particularly small to medium-sized enterprises that lack the necessary funding to meet increased demand.

(With inputs from agencies.)