Updated: 25 October 2026, 1:53 p.m. EDT Canada and the United Kingdom agreed on Sunday to develop two separate defence financing institutions that will work together, according to a joint statement released by the Department of Finance in Ottawa . The governments said they would draw up a cooperation framework for the Multilateral Defence Mechanism and the Defence, Security and Resilience Bank. Their decision sets out a partnership between distinct institutions as they work to strengthen defence financing and make spending more efficient. The same statement published by Britain’s Treasury says the institutions are intended to support each other on emerging industrial priorities, investment opportunities and strategic financing challenges. The stated goal is to strengthen the defence industrial base and improve collective readiness. For Canadian industry, the announcement outlines how the two financing initiatives are intended to cooperate. It does not announce individual project award...