Canada Announces Luxembourg as European Hub for New $13.5 Billion Defence Bank

Canadian Prime Minister Mark Carney announced that Luxembourg will serve as the European headquarters for a new multilateral Defence, Security and Resilience Bank, with the bank's main headquarters to be established in Canada.

The bank aims to raise $13.5 billion to finance defense projects, with a focus on supporting nations that face difficulties accessing low-cost financing. Five Canadian cities are currently competing to host the bank's main headquarters.

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