By Staff The Canadian Press
Posted April 30, 2026 6:14 am
Updated April 30, 2026 3:06 pm
2 min read
WATCH: NATO's 1st-of-its-kind multinational defence bank to be headquartered in Canada
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Canada has been selected to host a multinational bank to provide “long-term, low-cost financing” for defence projects by NATO members and allies, the federal government said Wednesday.
The Globe and Mail newspaper first reported the decision following the end of multinational negotiations earlier Wednesday that were hosted in Montreal.
A news release issued late Wednesday says the defence bank will allow member countries, including Canada, to leverage shared resources to “meet today’s defence challenges.”
National Defence Minister David McGuinty, in the release, called it a “resilient and responsive defence industrial base — for Canada and our allies.”
A source with direct knowledge told The Canadian Press there’s still a lot to discuss and sort through — and cautioned there’s still a world in which it doesn’t happen.
Toronto, Ottawa, Vancouver and Montreal are all competing to have the Defence, Security and Resilience Bank located in their jurisdictions.
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Canada’s 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.
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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.
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