From RNZ · RNZ | Te Reo Irirangi o Aotearoa · · 1m 10s
New Zealand rejects multi-billion dollar defence bank
New Zealand declines Canada's offer to join a multi-billion dollar defence bank.
In brief
New Zealand declines Canada's offer to join a multi-billion dollar defence bank. New Zealand turned down Canada's invitation to join the Defence, Security and Resilience Bank, citing better market opportunities for defence industries. Originally reported by RNZ.
New Zealand's decision
New Zealand has turned down an offer to join a multi-billion dollar bank that would finance defence industries in member states such as Ukraine.
Initial contribution
According to advice, New Zealand's initial contribution would have been NZ$100 million with costs expected to rise.
Reason for refusal
MFAT officials advised that New Zealand's defence capacity would be better served by improving market opportunities than joining the bank.
Bank details
The Defence, Security and Resilience Bank aims to be operational by early 2027 with a capitalisation goal of €100 billion.
Current members
Albania, Belgium, Greece, Latvia, Luxembourg, Romania, Türkiye, and Ukraine have committed to joining the DSRB at a NATO summit.
Future options
New Zealand will continue to monitor developments, leaving the door open for future membership in the bank.
The big picture
New Zealand turned down Canada's invitation to join the Defence, Security and Resilience Bank, citing better market opportunities for defence industries.
