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3mo ago

Ontario and Toronto Launch Bid to Host Proposed Defence, Security and Resilience Bank

The federal government will decide which Canadian location to put forward in the international competition.

Military vehicles and tanks of Italy, Poland, Canada and United States roll during the NATO military exercises Namejs 2021 at a training ground in Kadaga, Latvia, on Monday, Sept. 13, 2021.
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Overview

  • Premier Doug Ford and Mayor Olivia Chow unveiled the joint pitch at the Toronto Stock Exchange, highlighting the city’s financial sector, Pearson airport, universities and technology base.
  • Toronto faces domestic rivals as Ottawa’s mayor, British Columbia’s premier, and Quebec and Montreal leaders have all expressed interest in hosting the institution.
  • Ottawa will present Canada’s official submission, with Prime Minister Mark Carney’s team determining the city that becomes the national nominee.
  • The proposed DSRB is a multilateral financing vehicle for defence and security projects that aims to complement the EU’s SAFE initiative and target operations in or around 2027.
  • DSRB organizers say the bank has not launched, its leadership is holding global meetings, 37 countries met in London this fall, and several states have signaled interest in hosting, while Ford touted a potential 3,500 direct jobs for the chosen city.