💢 New Zealand has declined Canada’s invitation to join the planned Defence, Security and Resilience

💢 New Zealand has declined Canada’s invitation to join the planned Defence, Security and Resilience Bank (DSRB), RNZ reports, citing Foreign Ministry documents released under the Official Information Act.

Canadian Prime Minister Mark Carney invited Christopher Luxon to join negotiations over the bank’s charter in April. New Zealand officials advised against it in July, citing an initial NZ$100 million contribution, rising costs and ongoing governance commitments. They concluded the country’s defence industry would benefit more from expanded market access than from a dedicated financing mechanism.

The DSRB is targeting about €100 billion in capital by the end of the year and aims to become operational in early 2027. Albania, Belgium, Greece, Latvia, Luxembourg, Romania, Turkey and Ukraine have committed to join, while Australia, Japan and South Korea are also being courted. Wellington said it declined “at this time” and will continue monitoring the project.

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