Ukraine to Co-Found New International Defence Bank With Canada and European Partners

Ukraine will become a co-founder of the new Defence, Security and Resilience Bank (DSRB), joining Canada and eight other countries in establishing the international institution, Canada’s Department of Finance announced on October 26.

Canadian Finance and National Revenue Minister François-Philippe Champagne confirmed that Canada, Albania, Belgium, Greece, Latvia, Luxembourg, Romania, Türkiye, and Ukraine will jointly establish the DSRB.

The participating countries are expected to sign the bank’s Articles of Agreement in Luxembourg on November 30, 2026. The DSRB will be headquartered in Canada and operate a European hub in Luxembourg.

The bank is being created to mobilize public and private capital for defense, security, and resilience projects among participating countries. Its mandate will include sovereign financing, expansion of defense-industrial capacity, critical supply chains, and eligible defense procurement.

The DSRB is also intended to address financing gaps faced by governments and defense companies, including small- and medium-sized enterprises. Financing will be available to eligible members on equal terms, regardless of their size or economic capacity.

Canada stated that the bank will seek a AAA credit rating backed by participating countries, allowing it to reduce borrowing costs, expand access to long-term financing, and attract additional commercial investment into the defense sector.

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“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,” Champagne stated.

Membership will remain open to other allies and close partners that share the bank’s objectives.

The November signing follows negotiations on the Articles of Agreement held in Montréal in spring 2026 and a joint declaration issued by participating countries in July. Canada expects the DSRB to become fully operational in 2027.

The new DSRB would add another financing mechanism for defense support involving Ukraine. UNITED24 Media previously reported that NATO’s Prioritized Ukraine Requirements List  (PURL) allows allies to finance US-made weapons requested by Kyiv, with the mechanism supplying 95% of Ukraine’s Patriot missiles one year after its launch.

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