What Happened
New Defence Bank To Support Allied Defence Capabilities
The Prime Minister of Canada has announced the establishment of a new Defence, Security and Resilience Bank, done in collaboration with several NATO-aligned countries. The bank aims to expand access to capital, reduce financing costs, and support the growth of industrial capacity for member countries. Canada has been working to advance the establishment of the bank, which is expected to commence operations as early as 2027. The initiative follows Canada’s new Defence Industrial Strategy, which highlights the need to secure domestic supplies of critical raw materials. This development was first reported by Mining.com.au.