The British government has decided not to participate in Canada's international Defence, Security and Resilience Bank (DSRB) initiative.
What happened
Despite months of efforts by Canada to convince the UK to join the project, the UK has chosen to pursue its own program, called the Multilateral Defence Mechanism. However, both countries have agreed to develop a framework for cooperation between the two banks.
The DSRB, which will be based in Canada, aims to reduce borrowing costs for military spending by pooling credit strength among allies. The bank has the support of several countries, including Belgium, Turkey, and Ukraine.
The UK and Canada have issued a joint statement, indicating that they will work in close partnership on investment opportunities and challenges, and will develop two distinct but complementary institutions.
