RELEASE: NATO Should Create Its Own Bank, CAP Report Urges Date: January 13, 2021 Contact: Sam Hananel Washington, D.C. — A new report from the Center for American Progress is recommending that the North Atlantic Treaty Organization set up its own bank to invest in key military capabilities, upgrade infrastructure, and strengthen its financial standing. The report urges the incoming Biden administration to push for NATO to create the bank at one of the initial leaders’ summits. Since its founding, NATO has lacked the resources to fill gaps and make investments. But the alliance has overlooked one of its potentially most powerful assets—the collective economic and financial clout of its members. NATO has not leveraged its collective financial stature and the position of its many wealthy members to shore up the alliance. In the wake of the COVID-19 crisis, the report says, this must change through the creation of the alliance’s own bank.