The UK, the Netherlands, Finland and Poland are making significant progress in establishing a new Multilateral Defence Mechanism (MDM) and intend to finalise its formation by 2027.
According to Report, citing Reuters, this is stated in a joint statement issued by the countries.
“We have drawn on the support of a wider group of allies in developing the technical details of this model,” the statement notes.
According to the report, work will be carried out to expand the coalition of countries participating in the project and to move on to the next stage of developing the mechanism together with partners who are set to join the project this autumn.
Defence funding will be one of the key topics at the NATO summit, which is taking place this week in Ankara, Turkey. The MDM is one of several competing initiatives aimed at attracting greater private funding for the rearmament of member states.
