The U.K. has declined to join Canada’s Defence, Security and Resilience Bank but says it will work with Ottawa in line with NATO spending goals.
The Story
The British government has turned down Ottawa’s attempts to have the United Kingdom join the international Defence, Security and Resilience Bank, though London says it will co-operate closely with Canada to meet NATO spending targets.
The DSRB is designed to reduce borrowing costs for military spending by pooling credit strength among allied countries.
Canada had tried to convince the U.K. to join the project, but London said it has been pursuing its own approach, called the Multilateral Defence Mechanism.
Despite the U.K. decision not to join the DSRB, the two countries agreed on Sunday to build a framework for co-operation between the two banks after concluding “it is best to develop two distinct but complementary institutions.”
In a joint media statement, the governments said they will “work in close partnership” on investment opportunities and challenges.
The DSRB is set to be based in Canada and has support from countries including Belgium, Turkey and Ukraine.
← More stories