UPDATE 1-Canada says it is working with partners on a proposed defense bank

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.

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.