The United Kingdom and Canada reiterate our commitment to strengthening defence financing and improving the efficiency of spending to transform our collective defence capabilities.
We have been working closely to consider how the Multilateral Defence Mechanism and Defence, Security and Resilience Bank can best advance our shared objectives. We have agreed to develop a framework of cooperation that works in the interest of both institutions, having mutually concluded that, it is best to develop two distinct but complementary institutions that work in partnership.
As they are operationalised, the two institutions will be designed to work in close partnership, so that they can support each other on emerging industrial priorities, investment opportunities and strategic financing challenges. Together, they will provide complementary tools to strengthen the defence industrial base and enhance collective defence readiness.