The United Kingdom will not join the international Defence, Security and Resilience Bank (DSRB), led by Canada. At the same time, London said it intends to work closely with Ottawa to meet NATO defence spending targets, Global News Canada reports.
Two separate mechanisms
The DSRB is intended to reduce borrowing costs for military spending by pooling the lending capacity of allied states. Canada had spent several months trying to persuade the United Kingdom to join the project.
Instead, the British side is developing its own initiative, the Multilateral Defence Mechanism. In a joint statement, the parties said they had concluded that it was advisable to develop two different but complementary institutions.
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Cooperation in investment
Canada and the United Kingdom agreed to develop a framework for interaction between the two banks. According to the joint statement, they will work in close partnership on investment opportunities and challenges.
The DSRB headquarters will be located in Canada. The project is supported by Belgium, Turkey and Ukraine, among others.
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