Ontario leaders unite behind Toronto as preferred home for new multilateral defence financing institution
TORONTO — Ontario Premier Doug Ford has intensified efforts to secure Toronto as the headquarters for the newly created Defence, Security and Resilience Bank (DSRB), positioning the city as Canada’s strongest candidate to host the international institution focused on defence financing, supply chain resilience and security-related investments.
Ford was joined Tuesday by representatives from the finance, defence, manufacturing, research and academic sectors, alongside municipal, provincial and federal political leaders, to promote Toronto’s bid following Canada’s selection as the host country for the DSRB.
The province argues Toronto’s financial infrastructure, skilled workforce and global connectivity make it uniquely equipped to support the bank’s operations and broader international mandate from its launch.
“As a stable and trustworthy partner for our allies in an increasingly uncertain world, a successful DSRB has the potential to turn Canada into a global capital for defence financing and manufacturing, creating historic opportunities for Canadian workers, strengthening our economy and expanding our influence on the international stage for decades to come,” said Premier Ford. “Team Ontario is united behind Toronto’s bid to host the bank because Toronto is the only city in Canada with the resources, workforce and international connections to make the bank an immediate success and fully realize the benefits it will bring to all of Ontario and Canada.”
Province outlines financial and infrastructure support
Ontario unveiled several measures it says would support the DSRB’s immediate establishment and long-term growth if Toronto is selected as the bank’s headquarters.
Interim headquarters already identified
The province said it has identified a potential interim headquarters location at 200 Front Street West through Ontario’s existing property portfolio while work on a permanent location proceeds.
Ontario also plans to leverage its $4 billion Protect Ontario Account Investment Fund to attract additional private and institutional capital into the province’s defence industry and related sectors.
In addition, the province announced its intention to issue a minimum $500 million Resilience Bond to help finance defence-related projects. According to the government, the bond would be the first of its kind in Canada and could include support for DSRB-related initiatives under Ontario’s Sustainable Bond Framework.
“Toronto offers the financial expertise, institutional capacity and global connectivity required for a multilateral organization like the Defence, Security and Resilience Bank,” said Peter Bethlenfalvy, Minister of Finance. “Selecting Toronto as the headquarters would ensure the bank is positioned to deliver on its mission from the outset while strengthening Canada’s role among allies.”
Toronto highlighted as national defence and finance hub
Ontario officials emphasized Toronto’s standing as Canada’s largest financial centre and a growing hub for advanced manufacturing, artificial intelligence, cybersecurity and aerospace innovation.
The province said Toronto is home to Canada’s major banks, bond-rating agencies and international financial firms, while also offering access to a highly educated workforce supported by universities, colleges and research institutions.
Economic impact expected across Ontario
The DSRB is projected to create approximately 3,500 direct jobs, along with thousands of secondary positions tied to finance, manufacturing, technology and skilled trades.
Ontario officials said the economic benefits would extend well beyond Toronto into communities across the province through increased investment in defence manufacturing and supply-chain development.
“Toronto brings together the talent, expertise, international market access and industrial capacity required to fulfil the Defence, Security and Resilience Bank’s global mandate,” said Vic Fedeli, Minister of Economic Development, Job Creation and Trade. “As NATO countries around the world increase their defence spending, Toronto’s selection will serve to elevate Canada’s role as a trusted partner in advancing global security, while creating new opportunities for our economy and workers.”
The DSRB was established to address financing challenges facing governments and defence-sector companies as geopolitical tensions and defence spending continue to rise globally.
Ontario currently accounts for roughly 36 per cent of Canada’s defence-sector employment and is home to more than 300 defence companies generating over $5 billion in annual revenue.
The province also pointed to Toronto’s manufacturing strength, noting the region accounts for nearly half of Canada’s manufacturing GDP, employment, exports and sales.
Ministers and industry leaders stress workforce readiness
Provincial ministers and industry representatives said Ontario already has the labour force and institutional support needed to sustain the DSRB’s operations from day one.
“Hosting the Defence, Security and Resilience Bank in Toronto would be a major economic and workforce opportunity for Ontario. It would mean thousands of good-paying jobs for workers across finance, advanced manufacturing, technology and the skilled trades. With a highly skilled workforce and strong training partnerships already in place, Ontario is ready to ensure workers can meet the demands of this global mandate from day one.”
— David Piccini, Minister of Labour, Immigration, Training and Skills Development
“Every day in Ontario, our world-class colleges, universities and research institutes are building a workforce that is ready to lead, drive and compete on the global stage. As host to the Defence, Security and Resilience Bank, Toronto is well positioned to support the bank with a steady pipeline of highly skilled graduates who will fulfill the bank’s mission by protecting Ontario, protecting Canada and protecting our allies no matter what we may face.”
— Nolan Quinn, Minister of Colleges, Universities, Research Excellence and Security
“The GTA is where Canada’s economic strength, nuclear leadership and highly skilled STEM workforce converge at a scale unmatched anywhere else in the country. We have a plan to generate clean power as we lead North America’s largest nuclear expansion, and our plan to build mines faster has resulted in Ontario emerging as Canada’s number one jurisdiction for mining investment. In an era defined by rising geopolitical uncertainty, the GTA stands alone as the most advanced manufacturing, innovation and logistics hub that immediately gets working to fortify allied defenses.”
— Stephen Lecce, Minister of Energy and Mines
“As a global hub for defence innovation and manufacturing, it is essential the DSRB be located in Canada’s financial centre, Toronto. Ontario is home to more than 300 defence companies and combining that depth of industry presence and expertise with world-class financial services will prove invaluable to the DSRB’s mission to support Canada’s defence industry growth.”
— Bernard Derible, Ontario Military Defence Representative