Mark Carney Names Luxembourg Military Finance Hub

Canadian Prime Minister Mark Carney announced that Luxembourg will become the European headquarters for a new multilateral defense bank, which will be managed from Canada and aims to raise up to $135 billion to finance defense and military projects, particularly in countries facing difficulties accessing low-cost funding. This initiative is part of efforts to strengthen global military financing in response to the increasing demand for arms and equipment since the start of the Russia-Ukraine war. The project includes support for small and medium-sized enterprises in the defense sector and aims to meet the growing financial needs.

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