October 26, 2026 – Ottawa, Ontario – Department of Finance Canada
The Honourable François-Philippe Champagne, Minister of Finance and National Revenue, today issued the following statement:
“In an increasingly uncertain and divided world, Canada is working to bring together like-minded partners to mobilize and deploy private capital in support of collective security by unlocking long-term financing, expanding defence industrial production, and building more resilient supply chains. That work is bringing Canada together with Albania, Belgium, Greece, Latvia, Luxembourg, Romania, Türkiye, and Ukraine to establish the Defence, Security and Resilience Bank (DSRB), with membership open to other allies and close partners who share the Bank’s objective of enhancing defence, security, and resilience capabilities.
Today, I am pleased to announce that Canada and international partners will gather in Luxembourg on November 30, 2026, to sign the Articles of Agreement establishing the DSRB. With its headquarters in Canada and a European hub in Luxembourg, the DSRB will reflect the collaborative, international partnership at the heart of this initiative.
This will be a major step towards creating a new multilateral institution with a broad mandate to strengthen the defence, security, and resilience capabilities of its members. The Bank will help countries invest in their own defence capabilities and industrial capacity, while supporting collective priorities.
The DSRB will mobilize public and private capital to help governments and defence industries meet growing security requirements, including through sovereign financing, industrial expansion, critical supply chains, and eligible procurement. It will rely on sound banking principles and strong financial backing from participating countries to achieve a AAA credit rating, which it will use to expand access to long-term financing, reduce financing costs, and help mobilize commercial investment. This will ultimately support stronger defence industrial capacity and more resilient supply chains across the Bank’s member countries.
The Bank will complement existing national and multilateral initiatives by helping solve a problem that is currently unaddressed elsewhere. It will address financing gaps faced by governments and defence companies, including small- and medium-sized enterprises, helping expand access to capital in the defence sector. Its financing tools will be available to eligible members on equitable terms, enabling countries of different sizes and economic capacities to strengthen their capabilities and contribute to our shared security.
This signing will build on the negotiation of the Articles of Agreement in Montréal in spring 2026 and the declaration we issued with our partners in July, expressing our shared intention to establish the Bank. This is a major milestone towards full operationalization of the DSRB in 2027.
By leading the establishment of the DSRB with our partners, Canada is helping build a lasting pillar of collective security. The Bank will help translate increased defence investment into additional industrial capacity, more secure supply chains, and stronger national and collective readiness, while ensuring that participating countries can access financing to meet their own defence and security priorities.
We have a unique opportunity to reinforce our collective defence industrial capabilities, and I look forward to working with our partners to establish the DSRB.”