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Canada's Initiative: Albania Supports NATO's New Defense Bank

2026-07-07 15:37:04Kosova&Bota SHKRUAR NGA REDAKSIA VOX

Canada's Initiative: Albania Supports NATO's New Defense Bank

Albania is among the countries supporting the creation of the Defence, Security and Resilience Bank, a new multilateral financial institution initiated by Canada to finance investments in defence and security.

The initiative was presented during the NATO Summit in Ankara by Canadian Prime Minister Mark Carney, who announced that Albania, along with Belgium, Greece, Latvia, Luxembourg, Romania, Turkey and Ukraine, will contribute to the drafting of the bank's initial policies and rules.

According to the Canadian government, the bank will mobilize private capital to finance projects in the field of defense, security and resilience, supporting both governments and small and medium-sized enterprises operating in the defense industry.

The institution will provide low-cost long-term financing, financial guarantees and loans for priority investments, with the aim of strengthening member countries' production capacities and supply chains in the defense sector.

The Canadian government emphasizes that the initiative is a response to new security challenges, particularly driven by the war in Ukraine, and aims to increase investment in defense technologies and industrial cooperation between allied countries.

Canada has already invited partner countries to complete their domestic procedures for ratifying the agreement, with the aim of the Defense, Security and Sustainability Bank becoming operational in 2027.

The summit is expected to be dominated by discussions on increasing defense spending, strengthening the military industry and support for Ukraine, at a time when the administration of US President Donald Trump is seeking a greater financial commitment from European allies.

Ahead of the leaders' arrival, NATO is also organizing a defense industry forum, where new military contracts worth tens of billions of dollars are expected to be announced, as part of efforts to increase the Alliance's manufacturing capabilities.

The summit will also focus on the target for increased defense investment. NATO Secretary General Mark Rutte has urged member countries to present “clear, concrete and credible plans” for meeting the new military spending targets.

For Albania, the summit comes at a special moment. A year ago, at the Hague Summit, the Alliance announced that Tirana was scheduled to host the summit after Turkey.

However, according to a draft statement cited by Reuters, the reference to Albania no longer appears in the document expected to be approved in Ankara. Diplomatic sources link this to broader debates within the Alliance over defense burden-sharing and the direction NATO is expected to take under the Trump administration.

The Albanian government has meanwhile declared that it is aligning the defense budget with the Alliance's objectives, while Prime Minister Rama has announced that spending will increase to 2.6 percent of Gross Domestic Product, above the minimum threshold of 2 percent required by NATO.

Also expected to attend in Ankara are US President Donald Trump, Ukrainian President Volodymyr Zelensky, European Commission President Ursula von der Leyen, European Council President António Costa, as well as leaders and ministers from Alliance partner countries. (AP)


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