Ontario Premier Doug Ford speaks at a press conference on the City of Toronto’s bid to be Canada’s choice for the Defence, Security and Resilience Bank in Toronto on Wednesday, Dec. 17, 2025. THE CANADIAN PRESS/Nathan Denette
By The Canadian Press
Apr 29, 2026 | 3:02 PM
OTTAWA — 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.”