Canada to Host Proposed Defence Bank HQ

Canada's finance ministry announced Wednesday that the country will host the headquarters of the proposed Defence, Security and Resilience Bank, a multilateral institution aimed at funding defense projects for nations facing geopolitical risks.

The decision followed negotiations hosted by Canada in Montreal, where participating countries unanimously agreed to the charter for the DSRB once it is ratified, according to the ministry's statement. The bank, proposed by former NATO security advisers, senior ex-military personnel and bankers, seeks to establish a triple-A rated entity capable of raising 100 billion pounds, or about $135 billion, to provide cheaper financing for defense initiatives, particularly for countries struggling to access affordable credit.

Canada has emerged as the project's most prominent supporter. Prime Minister Mark Carney has voiced backing, and Finance Minister François-Philippe Champagne described the negotiations as a crucial step. "The time to act is now, and I look forward to continuing working with our partners to establish and launch the DSRB," Champagne said.

Several major banks have pledged support for the launch, including JPMorgan, Deutsche Bank,...