Canada’s Carney to pitch 10-nation defense bank at NATO summit; funding target set at EUR 100 billion

According to Lianhe Zaobao citing Reuters, Canadian Prime Minister Mark Carney plans to formally promote a proposed “Defense, Security and Resilience Bank” (DSRB) at the NATO summit in Ankara on July 7-8, positioning it as a 10-country initiative aimed at raising up to EUR 100 billion to provide allies with cheaper financing. Isabelle Hudon, CEO of the Business Development Bank of Canada, said the summit is the deadline to announce the founding member list, adding that the first wave of participants could be entirely European aside from Canada; Luxembourg is the only country to publicly say it will join and would host the DSRB’s European headquarters. A source familiar with the matter said Canada’s proportional contribution could be as high as EUR 1.5 billion, while smaller economies could contribute about EUR 500 million to EUR 750 million. Separately, Reuters reported NATO plans to replace its current US-made airborne early warning fleet with Swedish-made Saab “GlobalEye” aircraft, with the decision expected to be announced at the summit. US President Donald Trump again criticized NATO as an unequal relationship, and US officials said Gen. Christopher Donahue stepped down Thursday as the top US commander for Europe and Africa; NATO’s Supreme Allied Commander Europe, Gen. Alexus Grynkewich, said the role will be downgraded from a four-star to a three-star post.