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U.K. won’t join Canada-led defence bank, but pledges cooperation
The United Kingdom has declined Canada’s invitation to join the new Defence, Security and Resilience Bank, a multilateral lender designed to lower borrowing costs for military spending by pooling allied credit strength. London confirmed the decision Sunday while announcing it will instead pursue its own financing programme, the Multilateral Defence Mechanism. Both governments agreed to develop the two institutions as distinct but complementary bodies and to craft a formal framework for cooperation between them. The Canadian-led bank will be headquartered in Canada and already has backing from Belgium, Turkey and Ukraine, among eight committed countries. In a joint statement, the two nations said they will work in close partnership on shared investment opportunities and challenges. The agreement also includes a pledge to coordinate efforts to meet NATO defence spending targets.
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U.K. won’t join Canada-led defence bank, but pledges cooperation
The United Kingdom has declined Canada’s invitation to join the new Defence, Security and Resilience Bank, a multilateral lender designed to lower borrowing costs for military spending by pooling allied credit strength. London confirmed the decision Sunday while announcing it will instead pursue its own financing programme, the Multilateral Defence Mechanism. Both governments agreed to develop the two institutions as distinct but complementary bodies and to craft a formal framework for cooperation between them. The Canadian-led bank will be headquartered in Canada and already has backing from Belgium, Turkey and Ukraine, among eight committed countries. In a joint statement, the two nations said they will work in close partnership on shared investment opportunities and challenges. The agreement also includes a pledge to coordinate efforts to meet NATO defence spending targets.