U.K. opts against joining Canada-led defence bank, pledges co-operation
OTTAWA — The British government has turned down Ottawa's attempts to have it join the international Defence, Security and Resilience Bank, though London says it will work in lockstep with Canada to meet NATO spending targets.
The British government has declined an invitation from Canada to join the international Defence, Security and Resilience Bank (DSRB), but has pledged to collaborate closely with Ottawa to meet NATO spending objectives. The DSRB aims to lower military spending borrowing costs by consolidating credit among allied nations. Despite months of efforts, London has opted for its own initiative, the Multilateral Defence Mechanism.
On Sunday, both countries agreed to develop a framework for cooperation between the two banks, recognizing that it is advantageous to create two separate but complementary institutions. The DSRB will be headquartered in Canada and has the backing of nations including Belgium, Turkey, and Ukraine.
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- U.K. won’t join Canada-led defence bank, but pledges cooperation globalnews.ca
- U.K. opts against joining Canada-led defence bank, pledges co-operation winnipegfreepress.com
