Turkey has informed Canada that it will participate as a founding member of the new Defense Security and Resilience Bank, a Turkish official told Reuters on Monday.

The confirmation follows uncertainty over Ankara’s position after Turkish defense ministry sources said over the weekend that the country was still evaluating its possible participation.

Announcement Follows NATO Summit

The initiative was unveiled during last week’s NATO summit in Ankara, where Canadian Prime Minister Mark Carney announced that nine countries, including Turkey, had committed to joining the bank.

According to Carney, Albania, Belgium, Greece, Latvia, Luxembourg, Romania, Turkey and Ukraine have all pledged their support for the institution, which will be headquartered in Canada.

A Turkish official confirmed on Monday that Ankara had formally informed Canada of its decision to participate.

Aimed at Strengthening Allied Defense

The Defense Security and Resilience Bank is intended to strengthen the defense capabilities of like-minded allied nations by providing up to £100 billion (approximately $134 billion) in low-cost financing for defense-related projects.

The announcement was viewed as a boost for the multilateral effort to support allied rearmament.

Membership Could Still Expand

While the initial list of participants includes several NATO allies, the current roster does not include any other G7 countries besides Canada, potentially limiting the bank’s financial capacity.

However, Canada’s foreign minister told Reuters that the institution will remain open to additional members in the future.