A Turkish official announced on Monday that his country has officially informed Canada that it will participate as a founding member in the Defense, Security and Resilience Bank, a step that strengthens multilateral efforts to finance defense and security projects for allied countries.

The official told Reuters that Turkey notified Canada of its decision to join the bank, days after Canadian Prime Minister Mark Carney confirmed the commitment of several countries to participate in the project.

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Sources from the Turkish Defense Ministry had earlier this week stated that Ankara was still assessing the possibility of participation in the bank, before finalizing its position by officially informing Canada of its decision to join.

The announcement came after the NATO summit, during which Carney revealed that nine countries pledged to join the bank as founding members.

Bank to support rearmament

The Defense, Security and Resilience Bank aims to provide low-cost financing to help allied countries enhance their defense and security capabilities, amid rising military spending and requirements for updating defense capabilities.

The bank is expected to be headquartered in Canada, with a target of raising up to 100 billion pounds, equivalent to approximately 134 billion dollars.

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The door is open to new members

According to statements by the Canadian Prime Minister, nine countries pledged to join the bank upon its launch, while Canadian Foreign Minister Anita Anand affirmed that the membership door will remain open to other countries in the coming period.

Although the list of founders currently includes only one country from the G7, Canada believes that expanding the membership base in the future will enhance the bank's financing capabilities and increase its role in supporting security and defense for allied countries.