The U.K. and Canada have agreed to develop a cooperation framework for two defense finance institutions to coordinate industrial and investment support, HM Treasury and the Department of Finance Canada said Sunday.
The institutions are the Multilateral Defence Mechanism and the Defence, Security and Resilience Bank. The governments said they would be distinct bodies designed to complement one another through a partnership.
Once operational, the institutions are expected to help address changing needs in the defense industry, investment possibilities and financing challenges with strategic importance. The governments linked the initiative to more efficient defense spending, stronger industrial capacity and improved collective readiness.
The joint statement did not specify a timetable for completing the framework.
