The four Nato allies will set up joint purchasing procedures so that defence capabilities can be built up rapidly, efficiently and at lower costs while "resisting Russian aggression" .Leena Mörttinen, Permanent Under-Secretary of Finland's Ministry of Finance Image: YleYle NewsSTT8:25Finland, Britain, the Netherlands and Poland are developing a new defence financing mechanism. In a joint statement on Monday evening, the four Nato allies said that the aim is to "strengthen defence financing and improve the cost-efficiency of defence spending to transform our collective defence capabilities".Announced on the eve of the Nato Summit in Ankara, the new arrangement is aimed at boosting defence investments and promoting joint procurement."In light of the rapidly evolving international security environment and the consequences of Russia’s aggression against Ukraine, we shall act together to be prepared to address future threats. We remain committed to supporting Ukraine in defending its sovereignty and resisting Russian aggression," the four countries said."Efficiency at a lower cost"Leena Mörttinen, Permanent Under-Secretary for International and Financial Markets Affairs at the Ministry of Finance, told the Finnish news agency STT that the financing mechanism will ensure that countries can buy arms more efficiently and economically."The most important thing is precisely that we can ensure that by purchasing together we achieve efficiency at a lower cost," she said.Mörttinen noted that military spending is growing significantly and that there are hopes that capabilities will be rapidly expanded."One great advantage of the project is that it brings the ministries of defence and finance together around this problem," she said.In Finland, the Defence Ministry is taking the lead in the project, while the Finance Ministry is responsible for ensuring that the financing mechanism is built cost-effectively.According to the joint statement, the goal is to have the new financing mechanism in place by next year.Last month, a parliamentary working group said that Finland should double its defence spending in the 2030s.On Monday, Yle reported that Finland among Europe's biggest buyers of US military equipment. President Alexander Stubb, Foreign Minister Elina Valtonen (NCP) and Defence Minister Antti Häkkänen (NCP) head to the Nato summit on Tuesday.