Canada has secured support from Albania, Belgium, Greece, Latvia, Romania, Turkey and Ukraine for the proposed Defence, Security and Resilience Bank (DSRB), a Canada-based institution, primarily championed by Prime Minister Mark Carney, that the government is aiming to have operational by next year. Meanwhile, Luxembourg had already agreed to be the European headquarters for the bank. (The Logic)

Talking point: According to Carney’s office, the commitments were announced today at the 2026 NATO Summit in Ankara, Turkey. The DSRB is intended to function like a World Bank for defence, leveraging a strong credit rating to provide long-term, low-cost financing for defence, security and supply-chain resilience projects, with a particular focus on governments and small and medium-sized businesses. The announcement comes as European allies ramp up military spending in response to Russia’s ongoing security threat. If launched, the bank would also enter a growing field of multilateral defence-financing initiatives, including the Multilateral Defence Mechanism backed by the U.K., the Netherlands, Poland and Finland. Germany and the U.K are still out while France has yet to commit to joining the DSRB.