Canada and UK to develop framework for defence financing cooperation

Canada and the United Kingdom are developing a framework to coordinate two separate but complementary institutions aimed at strengthening defence financing and industrial capabilities.

In a joint statement issued on October 25, the two countries said they had agreed to establish a framework for cooperation between the Multilateral Defence Mechanism and the Defence, Security and Resilience Bank.

The institutions will operate independently but are expected to work in partnership, supporting each other on defence industry priorities, investment opportunities and strategic financing challenges.

According to the statement, the partnership is intended to strengthen the defence industrial base and improve collective defence readiness as both institutions become operational.