Canada intends to convince its G7 partners to join a "defence bank" project, designed to finance companies in the military sector, particularly small and medium-sized enterprises.
Foreign Minister Anita Anand indicated that this initiative would be at the heart of discussions at the G7 foreign ministers' meeting in France.
This project aims to address a funding gap for defense companies, which often face difficulties accessing capital despite growing demand linked to geopolitical tensions.
Ottawa is playing a leading role in this initiative, in line with Prime Minister Mark Carney's efforts to strengthen cooperation among Western allies, particularly within NATO.
Canada has already hosted several meetings in Montreal to lay the groundwork for this future financial institution, called a defence and resilience bank.
The amount of funds raised will depend on the number of participating countries, hence the desire to rapidly expand the circle of contributors.
This initiative is part of an international context marked by the wars in Ukraine and the Middle East, which have highlighted the increased need for military capabilities.
It also reflects a desire among Western countries to strengthen their strategic autonomy and their defense industrial base.
If it comes to fruition, this bank could become a key tool to support innovation and production in the military sector.
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