Luxembourg will serve as new defence bank’s European base, Carney says

A new multilateral defence bank, championed by Prime Minister Mark Carney, will be headquartered in Canada with Luxembourg serving as its European base. The bank aims to raise US$135 billion to fund defence projects, particularly for countries facing financing challenges. Five Canadian cities are currently competing to host the bank's headquarters, with further clarity on international backing anticipated after an upcoming NATO meeting.

• •New defence bank to have Canadian headquarters and Luxembourg European base.
• •Bank aims to raise US$135 billion for defence projects.
• •Five Canadian cities are competing to host the bank's headquarters.