The Prime Minister of Canada has announced the establishment of a new Defence, Security and Resilience Bank (DSRB), done in collaboration with the leaders of Albania, Belgium, Greece, Latvia, Luxembourg, Romania, Türkiye, and Ukraine, with the declaration confirmed at today’s NATO Summit in Ankara, the capital of Türkiye.
The declaration notes that the countries’ leaders see a growing need to mobilise public and private capital at scale to support defence, security, and resilience priorities.
The purpose of the DSRB will be to expand access to capital, reduce financing costs, and support the growth of industrial capacity for member countries. The plan is for the bank to commence operations as early as 2027.
Canada has been working to advance establishment of the DSRB following a key milestone in April 2026, when multiple partners agreed to the bank’s founding Articles of Agreement.
Canadian Prime Minister Mark Carney’s office noted that since Russia’s invasion into Ukraine, the need for allied countries to produce defence capabilities at speed and scale has been recognised, with a focus on stockpiling for the long-term.
Securing Canada’s defence-critical minerals base
The establishment of the DSRB follows Canada’s new Defence Industrial Strategy, which highlights the need to secure domestic supplies of critical raw materials as key inputs for the defence supply chain.
The government notes that of the 12 defence-critical raw materials identified by NATO, Canada produces 10, and is also a global producer of more than 60 minerals and metals.
Canada also holds the world’s largest deposits of high-grade uranium, which is an increasingly strategic resource for defence and security.
The Defence Industrial Strategy notes that “as global demand accelerates and geopolitical competition intensifies, securing supply chains for these critical minerals has become a strategic imperative”.
“The Government will bring forward plans to expand the production, processing, stockpiling, and procurement of defence-critical minerals while supporting coordinated action with allies through initiatives such as the G7 Critical Minerals Production Alliance and NATO-led efforts.”
Write to Amy Rotman at Mining.com.au
Images: Government of Canada
