UK declines to join Canada‑led Defence Bank, pledges cooperation
The United Kingdom rejected Ottawa’s invitation to join the Defence, Security and Resilience Bank, but agreed to work with Canada on a parallel framework for joint investment and NATO spending goals.
OTTAWA – The British government has turned down Canada’s request for the United Kingdom to become a member of the international Defence, Security and Resilience Bank (DSRB), according to a joint media statement released Sunday. Canada has been lobbying the UK for months to join the bank.
Cooperation framework
Both governments said they will develop “two distinct but complementary institutions” and will “work in close partnership” on investment opportunities and challenges.
"Having mutually concluded that it is best to develop two distinct but complementary institutions," the statement said.
The DSRB, to be based in Canada, already has the backing of Belgium, Turkey and Ukraine, while London is pursuing its own Multilateral Defence Mechanism. The DSRB aims to lower borrowing costs for military spending by pooling credit strength among allies.