OTTAWA — Ottawa is launching a new federal procurement agency designed to overhaul and centralize how the military buys its equipment.

Secretary of State for Defence Procurement Stephen Fuhr, who will oversee the new Defence Investment Agency, says it will deliver equipment to the Canadian Armed Forces at a faster pace that will better meet its needs.

The Liberal government is tapping former Royal Bank of Canada executive Doug Guzman to manage the new agency, which will be housed within Public Services and Procurement Canada.

Prime Minister Mark Carney campaigned on the promise to reform defence procurement during the spring election by streamlining the system for making military purchases to cut down on lengthy delays.

The Liberals had committed to standing up a new defence procuremen

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