Turkey decides not to join proposed DSRB defence bank for now

Turkey will not participate at this stage in the establishment of the Defence, Security and Resilience Bank, or DSRB, Turkish media reported, citing the country’s Ministry of National Defence.

The decision was taken following talks held in Montreal, Canada, and a subsequent assessment of the project by representatives of Turkey’s defence, foreign affairs, treasury and finance ministries, as well as the country’s Defence Industry Agency.

According to the Turkish side, Canada, Albania, Belgium, Greece, Latvia, Luxembourg, Romania and Ukraine have committed to joining the bank. Turkey has decided not to make such a commitment for now.

The DSRB is expected to be established as a multilateral financial institution headquartered in Canada. It is intended to provide long-term financing to defence companies, including small and medium-sized enterprises.

Turkey had earlier been listed among nine countries supporting the initiative during a NATO summit held in Ankara on July 7–8. Canada said on July 8 that eight partner countries had backed the project.

The DSRB is not a NATO body. Although the initiative was presented on the sidelines of the alliance’s summit, the bank is being established as a separate international financial institution.