A new proposed international development bank is talking to US and European governments about backstopping the massive increase in security spending that Donald Trump wants to see.

The Defense, Security, and Resilience Bank wants to raise $100 billion from Western governments to make loan guarantees to countries and defense contractors, said Rob Murray, a former NATO official who is heading the initiative. The plan would “open the floodgates for private money to get into the defense sector at a scale we haven’t seen before,” Murray told Semafor.

The world is rearming at a pace not seen since the end of World War II. Last week, Germany said it would borrow hundreds of billions of euros from the bond market for a military buildup. Germany has a AAA credit rating, but other countries bulking up their defenses don’t — Turkey, for example, is junk-rated — and would otherwise struggle to pay for it.

Poland, which currently holds the rotating presidency of the Council of the European Union, supports the idea and is aiming to pitch a concrete proposal to the bloc countries’ finance ministers at their meeting next month. US companies would be the biggest beneficiary of the bank, Murray added, sounding like he knows exactly who he needs to convince: He says he pitched the idea to Trump at a dinner at Mar-a-Lago in January and that the president was “supportive.”

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