UK won’t join Canada-led defense bank but pledges cooperation – National

The British government has rejected Ottawa’s attempts to join the international Defense, Security and Resilience Bank, although London says it will work closely with Canada to meet NATO spending targets.

The DSRB is intended to reduce borrowing costs for military spending by pooling credit among allies.

Canada tried for months to convince Britain to join the project, but London instead pursued its own program called the Multilateral Defense Mechanism.

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Canadian government ‘encouraged’ as 8 countries commit to global defense bank

Both countries agreed on Sunday to draw up a framework for cooperation between both banks, “mutually concluding that it is best to develop two different but complementary institutions.”

The two will “work in close partnership” on investment opportunities and challenges, according to a joint media statement.

The DSRB will be based in Canada and has the support of countries such as Belgium, Turkey and Ukraine.