Canadian Design and Construction Report staff writer
Ontario is hoping Toronto becomes the headquarters of the newly created Defence, Security and Resilience Bank (DSRB), with Premier Doug Ford says the city is uniquely positioned to host the multilateral institution because of its financial sector, manufacturing base, skilled workforce and global transportation links.
“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,” Ford said.
The DSRB will finance defence production, supply-chain resilience and security-related projects as NATO countries and allies increase military and security spending amid rising geopolitical tensions.
Ontario outlined several measures it says would support the bank’s launch and long-term operations if Toronto is selected as headquarters. The province said it has identified a potential interim headquarters site at 200 Front St. W. through its existing property portfolio and would use the $4-billion Protect Ontario Account Investment Fund to attract investment into the province’s defence sector.
The government also said it intends to issue at least $500 million in Resilience Bonds to help finance defence projects through Ontario’s Sustainable Bond Framework, which could include support for the DSRB.
“Toronto offers the financial expertise, institutional capacity and global connectivity required for a multilateral organization like the Defence, Security and Resilience Bank,” said Finance Minister Peter Bethlenfalvy.
The province estimates the DSRB would create 3,500 direct jobs along with thousands of additional spin-off positions across finance, advanced manufacturing, technology and the skilled trades.
Ontario officials also highlighted Toronto’s role as Canada’s largest financial centre and a growing hub for artificial intelligence, cybersecurity, aerospace and advanced manufacturing.
“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,” said Vic Fedeli, minister of economic development.
Ontario accounts for about 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 government also pointed to the Greater Toronto Area’s concentration of universities, colleges and research institutions, saying Ontario produces more than 94,000 STEM graduates annually to support industries tied to the bank’s operations.
David Piccini said hosting the DSRB would create opportunities across multiple sectors.
“Hosting the Defence, Security and Resilience Bank in Toronto would be a major economic and workforce opportunity for Ontario,” Piccini said. “It would mean thousands of good-paying jobs for workers across finance, advanced manufacturing, technology and the skilled trades.”
The province said support for Toronto’s bid includes representatives from municipalities across Ontario as well as federal Liberal caucus members, provincial cabinet ministers, mayors and councillors.Public open house set for Newmarket stormwater management comprehensive plan
