Romanian president Nicușor Dan announced on July 7 that Romania has joined NATO and non-NATO allies who signed the declaration of joint intent to establish the Defense, Security and Resilience Bank (DSRB), under the initiative of Canada. 

Canada has been advancing efforts to establish the Defence, Security and Resilience Bank (DSRB), a new multilateral financial institution that will bring together like-minded partners to mobilise and deploy private capital and support collective security, a statement by the prime minister of Canada, Mark Carney, announced.  

“Russia’s full-scale invasion of Ukraine has underscored the need for Allies to produce defence capabilities at the speed and scale required to replenish stockpiles and strengthen the Alliance for the long term,“ the statement reads.

Nine countries have committed to a new global defence bank, PM Carney added.

Carney said in the statement issued at the NATO summit in Turkey's capital Ankara that Albania, Belgium, Greece, Latvia, Luxembourg, Romania, Turkey, and Ukraine had all pledged their support to the DSRB, which will be based in Canada. These countries will be entrusted with defining the initial policies and directives of the Bank, shaping its operations and ensuring benefits flow to members’ economies.

"The new multilateral financial institution will contribute to strengthening the capacity of member states to finance investments in the field of defense and security, by expanding access to capital, reducing financing costs and supporting the development of industrial capacities, with a particular focus on small and medium-sized enterprises," Nicușor Dan wrote on his Facebook page.

The Romanian president also stated that as a founding member, Romania reaffirms its commitment to contributing to the development of this new cooperation instrument and is honored to host one of the Bank's regional offices.

“At a time when Allies are increasing their defense investments, expanding their industrial capacity, and accelerating the production of critical capabilities, we recognize the need to mobilize public and private capital on a large scale to support our defense, security, and resilience priorities,“ his message reads.

By leveraging a strong lending base, the DSRB is designed to expand access to capital, reduce financing costs, and support the expansion of industrial capacity in member countries. 

iulian@romania-insider.com

(Photo source: Presidency.ro)