UK, Netherlands, Finland, Poland Issue Statement, Major Progress Made in Establishing Multilateral Defense Mechanism

(Central News Agency, Warsaw, July 7, Combined Foreign Reports) The United Kingdom, the Netherlands, Finland, and Poland have issued a joint statement announcing "major progress" in advancing a new "Multilateral Defense Mechanism" (MDM), with the goal of completing its establishment by the end of next year.

Reuters reported that the North Atlantic Treaty Organization (NATO) summit opened today in Ankara, the capital of Turkey, with defense financing expected to be a core issue of the summit.

The Multilateral Defense Mechanism (MDM) is one of several competing defense financing initiatives aimed at channeling more private capital into countries' rearmament efforts.

The four countries stated in their joint statement: "In refining the technical details of this mechanism, we have benefited from the support of a broader group of allies."

These countries stated that they are committed to expanding the alliance of countries participating in the plan and will work together with the already announced participating countries this fall to jointly launch the next phase of MDM development.

Another important initiative among the increasingly competitive defense financing initiatives is the "Defence, Security and Resilience Bank" (DSRB) promoted by Canada.

Canada is expected to announce the list of approximately 10 founding countries for the DSRB at the NATO summit.

Reuters inquired via email with the Polish Ministry of Finance whether it was in discussions regarding participation in the DSRB, but the ministry has not yet responded.

The UK had previously expressed reservations about participating in the DSRB, but its Chancellor of the Exchequer, Rachel Reeves, stated in Parliament in June that the UK is now also cooperating with Canada on the plan. (Intern Editor: Zhuo You-an / Editor: Hong Pei-ying) 1150707

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