Just before flying to the NATO summit in Ankara, Canadian Prime Minister Mark Carney announced that Canada intends to buy 12 non-nuclear submarines from the German producer TKMS (Thyssen Krupp Marine Systems).
This concerns submarines of the 212CD class—probably the most modern ones in the world, and certainly among the most expensive ones, with a price of up to 1.7 billion euros per system.
The question comes up: How will the 20-billion deal be financed? By the time the contract gets finalized, the new NATO bank which Carney brought into the discussion may already be in place.
For TKMS, based in the city of Kiel, this is the biggest single deal in its corporate history.
