Toronto Launches Bid to Host New Global Defence, Security and Resilience Bank
Canada — Ontario and the City of Toronto have launched a campaign to make Toronto the headquarters for a new global defence finance institution.
Premier Doug Ford and Toronto Mayor Olivia Chow unveiled the bid in the heart of Toronto’s financial district on Wednesday.
The proposed Defence, Security and Resilience Bank (DSRB) would function as a multilateral finance institution.
It aims to help about 40 democratic nations finance defence, security and resilience projects.
What the Bank Would Do
The new bank would act much like the World Bank but for defence spending.
It would help member countries invest in military and security infrastructure.
Officials say the bank could begin operations as early as 2027.
The headquarters decision will come after negotiations with interested countries.
Supporters say the bank could unlock new capital for defence and technological innovation.
They believe it could improve joint defence procurement and resilience planning among partners.
Toronto’s Bid and Competition
Toronto’s bid highlights the city’s financial strength and global connections.
The city hosts Canada’s largest banks, a strong tech sector, leading universities, and major international consulates.
Officials argue the city’s busy airport and diverse economy make it a strong candidate.
They say Toronto can support both financial and defence innovation ecosystems.
However, Toronto faces competition from Ottawa, Montreal and British Columbia.
Each region says it has unique strengths as a host city.
Economic and Strategic Benefits
Officials say hosting the bank could create about 3,500 direct jobs in the Greater Toronto Area.
They also believe the bank’s presence would boost finance, research and defence sectors.
Ford said the winning host city would become a global hub for defence, innovation and finance.
He compared the effort to an Olympic bid in scope and importance.
Local business groups and universities have publicly backed Toronto’s bid.
They cited the city’s talent pool, political stability and strong global links as key advantages.
Next Steps for the Bid
The formal pitch will go to the federal government, which will lead Canada’s bid.
Prime Minister Mark Carney’s team will decide whether to push Toronto forward as Canada’s nominee.
The DSRB leadership is holding discussions with countries around the world.
Officials say building the bank will require collaboration at high political levels.
If successful, the bank would strengthen Canada’s role in international defence finance.
Canada could help shape collective security and resilience strategies for years to come.
