What does Canada gain by hosting the new global defence bank?
5/5/202621 min
Canada has spent the last year shoring up defence spending. Now a new multilateral financial institution, the Defence, Security and Resilience Bank, is being established with the promise of offering stable financing to member countries. After months of negotiations, Canada was selected to be the bank’s host country last week.
Pippa Norman is the Globe’s innovation reporter, and also covers Canada’s defence industry. She’s going to explain what it means for Canada to host the bank and how this move fits into the country’s broader defence strategy.
Questions? Comments? Ideas? Email us at thedecibel@globeandmail.com
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Clips
Transcript preview
First 90 secondsCheryl Sutherland· Host0:00
[ding] Canada has been chosen to be the headquarters of a new global defense bank. [upbeat music] The Defense, Security, and Resilience Bank, or DSRB, will help finance defense projects. Canada has been lobbying hard to host the DSRB, but it's not exactly clear who it was competing against, and some critics say that this bank isn't really necessary. So today, we're talking to Pippa Norman. She reports on defense and innovation for The Globe. She's gonna explain what this bank is, what it will mean for Canada to host it, and how all this fits into Canada's broader defense strategy. I'm Cheryl Sutherland, and this is The Decibel from The Globe and Mail. [upbeat music] Hi, Pippa. Great to have you back on the show.
Pippa Norman· Guest0:52
Thanks for having me, Cheryl.
Cheryl Sutherland· Host0:53
So Pippa, you got a scoop last week that Canada's going to host this new defense bank, and you've been reporting on the establishment of this bank for a while. Let's start basic. What exactly is the DSRB?
Pippa Norman· Guest1:06
So the DSRB stands for Defense, Security, and Resilience Bank. Um, and basically, it's a, it's a multilateral institution. It's similar to, um, the World Bank or the European Investment Bank, um, and it's owned by its member nations or countries, uh, and is basically will be there to help them finance their defense spending as