Canada, Latvia, and seven other nations are moving to establish a new Defence, Security and Resilience Bank, according to a statement from the Latvian presidential office.
The initiative aims to create a dedicated financial vehicle to fund defence infrastructure and security projects across participating countries.
The announcement marks a significant step forward for the multinational effort, which has been gaining momentum in recent weeks.
The coalition now includes nine founding members, bringing the proposal closer to operational reality as global defence spending continues to rise.
This development follows earlier reports that Canada was preparing to unveil a group of approximately ten founding nations for the proposed global defence bank.
The lead Canadian negotiator had indicated that the formal announcement would take place at the upcoming NATO summit in Turkey next week.