Montreal is rallying its economic forces as its battle with Toronto intensifies over a major new international defence bank.
On Friday, Montreal Mayor Soraya Martinez Ferrada announced more than $6 million in new funding for Montréal International, the agency tasked with attracting foreign investment and international organizations to the city. It’s also the agency leading the city’s bid for the Defence, Security and Resilience Bank, backed by an undisclosed group of NATO allies.
Canada in April learned it would host the institution, which is intended to improve access to financing for companies operating in defence and security sectors often considered too risky by traditional lenders.
There remains more work to get the multinational bank over the line.
Four Canadian cities are under consideration: Montreal, Toronto, Vancouver and a joint Ottawa-Gatineau bid. In March, Montréal International unveiled the city’s bid.
In recent days, the race between Montreal and Toronto has become more contentious after it was reported that promoters from Toronto, which is pitching itself as Canada’s leading financial hub, had warned federal officials that the Parti Québécois’ promise to hold a referendum on Quebec independence during a first mandate should count against Montreal’s candidacy.
That prompted denunciations from Quebec political figures.
Alongside Martinez Ferrada on Friday were the Quebec minister of economy, innovation and energy, Bernard Drainville, Quebec International Relations Minister Christopher Skeete and senior figures from Montreal’s economic development sector, including Stéphane Paquet of Montréal International and Isabelle Dessureault, chief executive of the Chamber of Commerce of Metropolitan Montreal.
The $6-million investment in Montréal International will be spread over four years, according to the city, and will largely go toward attracting more artificial intelligence investment, foreign companies and skilled international workers to Montreal.
The city also confirmed the renewal of a separate recurring annual contribution of $515,000 to Montréal International to support efforts to attract and retain international organizations.
“Montreal is a bold metropolis, open to the world and looking to the future,” Martinez Ferrada said ahead of the event.
This story will be updated.
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I’ve been writing for the Montreal Gazette since 2023, chasing the biggest stories I can find and always looking for new ways to tell them. I studied economics and computer science at McGill. Now I live in the city’s Plateau, where I wear Doc Martens to blend in among the hipsters. It doesn’t work. Seen something interesting? Email me: hnorth@postmedia.com