UK opts out of Canadian defence bank
Britain will not join the Canada-led Defence, Security and Resilience Bank, citing a source familiar with the matter.
Instead, the two governments agreed to develop cooperation between separate but complementary defence-financing institutions. Their joint statement said the mechanisms would coordinate on investment opportunities and strategic financing challenges.
The countries reportedly failed to agree on issues including the bank's headquarters, joint procurement and lending arrangements. Separate structures could lead to different approaches to financing defence investment. However, Britain and Canada have not abandoned cooperation in the sector.
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