ritain will not join Canada's defense security reselience bank

Britain will not join the Canada-led Defence Security and Resilience Bank, according to a source familiar with the matter, but the two countries said they would develop a framework for cooperation between their respective defence-funding initiatives.



In a statement on Sunday, the two governments said they had agreed to establish two distinct but complementary institutions to support each other on investment opportunities and strategic challenges.



"We have been working closely to consider how the Multilateral Defence Mechanism (MDM) and Defence, Security and Resilience Bank (DSRB) can best advance our shared objectives.



We have agreed to develop a framework of cooperation that works in the interest of both institutions," the statement said.



According to another source, the two governments were unable to agree on key issues including the location of the headquarters of the new bank, the level of joint procurement, lending to members, and the rules around new members joining in the future.