OTTAWA \u2014 Canada has been selected to host a multinational bank to provide \u201clong-term, low-cost financing\u201d for defence projects by NATO members and allies, the federal government said Wednesday.<\/p>\n
The Globe and Mail newspaper first reported the decision following the end of multinational negotiations earlier Wednesday that were hosted in Montreal.<\/p>\n
A news release issued late Wednesday says the defence bank will allow member countries, including Canada, to leverage shared resources to \u201cmeet today\u2019s defence challenges.\u201d<\/p>\n
National Defence Minister David McGuinty, in the release, called it a \u201cresilient and responsive defence industrial base \u2014 for Canada and our allies.\u201d<\/p>\n
A source with direct knowledge told The Canadian Press there\u2019s still a lot to discuss and sort through \u2014 and cautioned there\u2019s still a world in which it doesn\u2019t happen.<\/p>\n
Toronto, Ottawa, Vancouver and Montreal are all competing to have the Defence, Security and Resilience Bank located in their jurisdictions.<\/p>\n
Canada\u2019s Big Six banks have all put their support behind the proposed international defence financing vehicle, which would be aimed at lowering borrowing costs for military spending.<\/p>\n
The Canadian Chamber of Commerce applauded the news, saying the defence industry is a major economic driver and will become a growing force as it attracts more investment.<\/p>\n
\u201cCanada is the right home for this new initiative,\u201d said David Pierce, vice-president of government relations at the Canadian Chamber of Commerce. \u201cIn a world where conflict is an ever-present concern, we are grateful our allies have seen the merit in this move.\u201d<\/p>\n
Pierce said Canada\u2019s defence industry is an attractive partner, ready to lead on the world stage.<\/p>\n
\u201cOur world-class defence industry is a major driver in the economy right now, which will be a growing economic force as we increasingly invest in it,\u201d he said. \u201cWe hope to see more details and confirmation soon because it\u2019s going to be all hands on deck to get this right.\u201d<\/p>\n
Ontario Premier Doug Ford said on social media that the defence bank is an opportunity to put Canada at the centre of global defence finance and manufacturing.<\/p>\n
\u201cAs our nation\u2019s financial capital, with a skilled workforce and unparalleled global connectivity, there\u2019s no better place for the bank to be headquartered than Toronto,\u201d said Ford. <\/p>\n
This report by The Canadian Press was first published April 29, 2026.<\/p>\n","protected":false},"excerpt":{"rendered":"OTTAWA \u2014 Canada has been selected to host a multinational bank to provide \u201clong-term, low-cost financing\u201d for defence…\n","protected":false},"author":2,"featured_media":26012,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[525,6885,4122,290,61,113],"class_list":{"0":"post-26011","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-ottawa","8":"tag-business","9":"tag-defence","10":"tag-media","11":"tag-national","12":"tag-ottawa","13":"tag-politics"},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/posts\/26011","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/comments?post=26011"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/posts\/26011\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/media\/26012"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/media?parent=26011"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/categories?post=26011"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/tags?post=26011"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}