Britain will not join Canada’s defence bank, source says

Oct 25 (Reuters) 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