November 13, 2026 – Ottawa, Ontario – Department of Finance Canada
In an increasingly uncertain and divided world, Canada is bringing together like-minded partners to mobilize and deploy private capital in support of collective security. This work includes leading the establishment of the Defence, Security and Resilience Bank (DSRB), a new multilateral financial institution that, once established, will unlock long-term public and private financing to help expand defence industrial production and build more resilient supply chains.
Today, the Honourable François-Philippe Champagne, Minister of Finance and National Revenue, launched the process to select the Canadian city that will host the future global headquarters of the DSRB.
Qualified Canadian municipalities wishing to host the headquarters must submit their application package no later than 23:59 Pacific Time on December 3, 2026. Interested cities are encouraged to review the Call for Proposals, which outlines the requirements and criteria that will guide the selection process.
The process will be led by Doug Guzman, Chief Executive Officer of Canada’s Defence Investment Agency, who will review applications and submit a shortlist of candidates to the Minister of Finance and the Prime Minister for consideration.
The launch of this selection process is a major milestone toward establishing the DSRB. It builds on the negotiation of the Banks’s Articles of Agreement in Montréal in April, as well as the declaration by Canada, Albania, Belgium, Greece, Latvia, Luxembourg, Romania, Türkiye, and Ukraine at the NATO Summit in July, expressing their shared intention to establish the Bank. Membership will remain open to other allies and close partners who share the Bank’s objective of enhancing defence, security, and resilience capabilities.
The DSRB will help governments and defence industries meet growing security requirements. It will complement existing national and multilateral initiatives by addressing financing gaps faced by governments and defence companies and improving access to capital across the defence sector. Through sound banking principles and strong financial backing from participating countries, the Bank will seek a AAA credit rating, helping expand access to long-term financing, reduce financing costs, and mobilize commercial investment.
Quotes
“Hosting the DSRB’s headquarters is an exciting opportunity for a Canadian municipality to be at the centre of a new institution supporting our collective security, strengthening defence industries, and building more resilient supply chains. It will attract international talent, investment, and specialized financial expertise to Canada, while helping address financing gaps and supporting Canadian businesses participate in allied defence supply chains.”
- The Honourable François-Philippe Champagne, Minister of Finance and National Revenue
“The Defence, Security and Resilience Bank has the potential to be a significant catalyst for strengthening the defence and security capabilities of Canada and our allies. By mobilizing public and private capital, the Bank will help address critical financing gaps, support defence procurement and expand the industrial capacity and supply chains needed to deliver essential capabilities. It will also create opportunities for Canadian companies, including small and medium-sized businesses, to access investment and participate in allied defence markets. Hosting the Bank’s headquarters in Canada is an important opportunity to demonstrate Canadian leadership and advance our collective security and resilience.”
- Doug Guzman, Chief Executive Officer, Defence Investment Agency
Quick facts
Canada and international partners will gather in Luxembourg on November 30 to sign DSRB’s founding Articles of Agreement. The Bank is expected to be fully operational in 2027.
Canada was selected through multilateral negotiations held in spring 2026 to host the headquarters of the DSRB.
In March 2026, the Prime Minister announced that Canada’s defence spending reached 2 per cent of GDP, with more than $65 billion spent in 2025-26, the single largest annual investment in generations.
Canada is making significant progress toward NATO’s Defence Investment Pledge, being on track to spend 4 per cent of GDP on defence this decade and reach 5 per cent of GDP by 2035.
Noah Note: Honestly I like this idea. Obviously, there are some swrious expectations of who will be downselected, and I would still be shocked if it wasn't Toronto, but running a call for proposals like this is a really nice thing to do, at least to give people a chance to respond. Obviously, proximity to an International Airport, being in an established Financial and Defence ecosystem, proximity to diplomatic mission, etc are all presented as highky desirable here.
It doesn't really change the field, not at all. It codifies it a bit really, but that isn't to disregard the process entirely. I think municipalities should have a chance to present their case beyond the level we've seen so far. I think it could also make things a bit more fun of we see some secondary communities at least try to be involved and market themselves.
I think it should be in Milton, but that’s just me.