politics
Canada Delays Naming Defence Bank Founders Until More Countries Join
Foreign Minister Anita Anand said Canada will not announce founding nations for its proposed Defence, Security and Resilience Bank until additional countries commit support. The comments came July 7 on the sidelines of the NATO summit in Ankara.
Jul 7, 9:01 AM·1m read1 source
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Canada wants more countries to back its global defence bank initiative before announcing a roster of founding nations, Foreign Minister Anita Anand said July 7. Anand spoke during the NATO leaders' summit in Ankara. Mark Carney's government had aimed to unveil around 10 national backers at the meeting, which runs through July 8.
The Defence, Security and Resilience Bank would raise up to £100 billion ($134 billion) to provide cheap finance for allied defence projects. Luxembourg remains the only other public backer. "We want more and more countries to come on board before we put something out," Anand said.
She added that discussions continue and the project retains a critical mass of support. The bank seeks a triple-A credit rating to offer low-interest loans for defence projects and loan guarantees to private banks, with the goal of helping small and medium-sized enterprises increase production capacity.
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