Defence, Security and Resilience Bank Development Group
The question
To ask the Secretary of State for Defence, whether he plans to apply for UK participation in the Defence, Security and Resilience Bank.
Answered by Luke Pollard
The Ministry of Defence is working closely with HM Treasury and with Finland, Netherlands and other like-minded NATO allies on the establishment of a Multilateral Defence Mechanism. The Defence Investment Plan includes £400 million towards the UK’s contribution to the MDM.
This independent international financial institution will address our collective challenges in defence procurement by aggregating demand through procurement to achieve better value for money. It will lend to members for joint procurement, stockpiling on members' behalf, and supply chain finance. This mechanism will help member countries improve capability, interoperability and value for money, while giving industry greater demand certainty.
We continue to work with close allies like Canada on shared objectives in advance of Ankara.
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