TORONTO — Ontario is pressing ahead with its campaign to secure Toronto as the headquarters for the newly created Defence, Security and Resilience Bank (DSRB), releasing a detailed bid book as it seeks federal support and eventual approval from the bank’s allied member nations.
The province said the DSRB — a multilateral institution intended to finance defence, security and resilience projects for NATO members and allied countries — could bring up to 3,500 direct jobs to Canada if Toronto is selected as the host city, along with additional secondary employment tied to procurement, professional services and related supply chains.
The bid book marks the latest step in a process that began publicly in December, when Ontario and the City of Toronto launched a formal push for the headquarters. While the federal government has not announced a decision on Canada’s preferred candidate city, Ontario says it is moving ahead with preparations to strengthen Toronto’s case internationally.
“Toronto offers the financial expertise, institutional capacity and global connectivity a multilateral organization like the Defence, Security and Resilience Bank needs, while Ontario delivers the defence manufacturing, advanced technology and skilled workforce that turn investment into real capability,” said Peter Bethlenfalvy, Minister of Finance. “Simply put, Toronto offers Canada the best chance of securing global backing to host the DSRB and to welcome all the benefits that hosting the DSRB would bring to the entire country. We’re ready to pitch Toronto and Canada to our allies: Now it’s time for the federal government to join us by making Toronto Canada’s choice.”
Ontario’s bid centres on positioning Toronto as a global financial hub capable of supporting a new multilateral lender from day one, while highlighting the province’s broader defence and advanced manufacturing base as a foundation for the bank’s mandate.
At the bid launch event, Ontario pointed to several commitments and advantages it believes strengthen the proposal, including support in finding interim and long-term office space, as well as potential financial backing tied to the province’s $5 billion Protect Ontario Account. The province also emphasized what it described as broad support across multiple sectors — finance, technology, manufacturing, academia and government — to underpin the bid’s credibility.
Toronto’s international connectivity was also highlighted as a key asset, with multiple international airports serving the region and close to 104 consular offices in the Greater Toronto Area, which Ontario argues would support the operations of a multinational institution with global partners.
Mayor Olivia Chow said Toronto’s concentration of financial and innovation talent makes it a natural fit for a bank designed to mobilize capital for defence and resilience priorities.
“Toronto boasts Canada’s largest hub for finance, international business, technology, and innovation. Our talent pool is unmatched, with a highly skilled workforce spanning finance, technology, and advanced disciplines,” said Mayor Olivia Chow “Our expertise, our innovation, and our people make Toronto the best choice in Canada for the DSRB. For a strong, credible, and effective launchpad to build the bank that will safeguard our world, choose Toronto.”
Ontario is also framing the bid as part of a broader effort to align Canada’s economic strengths with shifting geopolitical pressures, as NATO members and allies increase defence spending and seek new financing tools to accelerate procurement and industrial capacity.
The DSRB, according to Ontario, is intended to combine public and private capital to provide affordable funding for governments, support smaller suppliers and streamline multinational procurement — a structure meant to address what officials describe as financing challenges across the defence sector.
Federal Liberal MP Julie Dzerowicz, chair of the Toronto Liberal Caucus, said the case for Toronto extends beyond economics and reflects a wider commitment to collective security.
“Canada’s message to our allies is clear: we will not simply participate in the defence of democracy — we will lead it. Hosting the Defence, Security and Resilience Bank in Toronto is how we turn that commitment into action,” said Julie Dzerowicz, Chair of the Toronto Liberal Caucus “Canada’s political stability, our AAA-rated financial system, and Toronto’s world-class talent make this the strongest case any country can offer. As Prime Minister Mark Carney has said: if we want a more secure world, we need a stronger Canada. The DSRB belongs here.”
Ontario’s pitch also draws heavily on the province’s labour force and training pipeline, arguing the bank would be able to recruit specialized staff quickly due to Toronto’s concentration of financial services, technology and research institutions.
“Ontario has the talent needed to drive innovation and strengthen global security. With a skilled, adaptable workforce and world-class training systems, Ontario is positioned to deliver. Establishing the DSRB in Toronto would give the bank immediate access to top-tier talent and a province building the workforce of tomorrow.”
- David Piccini
Minister of Labour, Immigration, Training and Skills Development
Ontario’s colleges and universities were similarly cited as a key advantage for building long-term capacity.
“Backed by a powerhouse workforce in the financial hub of the country, Toronto is the prime destination for the Defence, Security and Resilience Bank. From our world class colleges, universities and research institutes, Toronto has a robust pipeline of finance, technology, STEM and research talent that will strengthen and protect Ontario, Canada, and our NATO allies.”
- Nolan Quinn
Minister of Colleges, Universities, Research Excellence and Security
The province also linked the proposal to Ontario’s manufacturing scale and investment environment, positioning Toronto as the focal point of those strengths.
“As Canada’s largest and most advanced manufacturing jurisdiction, Ontario has established itself as a competitive and sought-after investment destination, offering the talent, expertise and ecosystems projects like the Defence, Security and Resilience Bank require to fulfil their mission. The City of Toronto is the ultimate nexus of these strengths, and our government will continue to advocate for the selection of this world-class city, ensuring that our workers and industries can contribute and benefit from this generational opportunity to support our NATO allies. ”
- Vic Fedeli
Minister of Economic Development, Job Creation and Trade
Ontario’s energy and minerals portfolio was also cited as a strategic factor as defence supply chains evolve.
“There is no other Canadian jurisdiction like the GTA that converges critical mineral supply chain, Made-In-Canada nuclear power, advanced industry and world-class talent at this scale. With increasing instability and disruption in global politics, Ontario is uniquely positioned to build the infrastructure to defend our country, sovereignty, and economy.”
- Stephen Lecce
Minister of Energy and Mines
Ontario and Toronto officials say a successful bid would deliver economic benefits across the country, with the DSRB’s direct employment expected to be supplemented by broader demand for Canadian expertise and suppliers. The province is urging Ottawa to formally back Toronto to maximize Canada’s chances in the final selection process by the bank’s allied members.
