Team Ontario United Behind Toronto’s Bid to Host the Defence, Security and Resilience Bank
Press Release + Noah Note
Premier Ford joined by leaders from across Ontario to make the case for Toronto’s selection as the bank’s headquarters by the federal government
TORONTO — Following Canada’s selection as the host country for the new Defence, Security and Resilience Bank (DSRB), Premier Doug Ford was joined by leaders from a wide variety of sectors, including finance, manufacturing, research, defence, academia and more, to continue making the case for Toronto’s selection as the bank’s headquarters. Attendees in support of Toronto’s bid included representatives from across Ontario, reflecting the benefits that Toronto’s selection would bring to communities across the province. Mayors, councillors, provincial cabinet ministers and federal members of Parliament, including members of the federal Liberal caucus, were also in attendance.
“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,” said Premier Ford. “Team Ontario is united behind Toronto’s bid to host the bank because Toronto is the only city in Canada with the resources, workforce and international connections to make the bank an immediate success and fully realize the benefits it will bring to all of Ontario and Canada.”
As a global financial services hub, Toronto’s unmatched strengths and the government’s readiness to support the DSRB’s long-term success and global mandate make it the clear choice for its Canadian location. Ontario’s plan to support the bank’s immediate success includes:
Helping establish both an interim and long-term headquarters for the bank, with a potential interim headquarters already identified through the province’s existing property portfolio at 200 Front Street West
Leveraging the $4 billion Protect Ontario Account Investment Fund to attract investment capital to Canada and Ontario’s defence industry
Intending to issue a minimum $500 million Resilience Bond to fund defence projects, which would be the first of its kind in Canada. This would include the DSRB if it were to be located in Ontario, through an Ontario Sustainable Bond Framework.
“Toronto offers the financial expertise, institutional capacity and global connectivity required for a multilateral organization like the Defence, Security and Resilience Bank,” said Peter Bethlenfalvy, Minister of Finance. “Selecting Toronto as the headquarters would ensure the bank is positioned to deliver on its mission from the outset while strengthening Canada’s role among allies.”
Toronto is uniquely positioned to host the bank’s headquarters and is backed by strong, coordinated support across economic sectors and all levels of government, highlighting several key advantages:
A global financial hub: Toronto is home to Canada’s largest financial sector, including all major banks, bond-rating agencies and many leading international firms
A world-class workforce: Toronto offers a highly skilled workforce across finance, security and advanced research, backed by world-class colleges, universities and research institutes, enabling quick staffing of the bank and supporting its mission without delay
Industry expertise: The city has a strong and growing innovation ecosystem spanning from expertise in artificial intelligence, quantum and cybersecurity, as well as aerospace and manufacturing
Global connectivity: Toronto also provides world-class connectivity, including multiple international airports with hundreds of destinations around the world, and over 100 consular offices located in the Greater Toronto Area.
“Toronto brings together the talent, expertise, international market access and industrial capacity required to fulfil the Defence, Security and Resilience Bank’s global mandate,” said Vic Fedeli, Minister of Economic Development, Job Creation and Trade. “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.”
The DSRB is expected to create 3,500 direct, good-paying jobs and thousands more secondary jobs, benefitting not just Toronto but the entire province and country. As the country’s leading centre of finance, defence manufacturing, research and tech, along with transportation links to the rest of the world unmatched anywhere else in Canada, Toronto is Canada’s strongest and most credible choice to host the DSRB.
Quick Facts
The DSRB is a new multilateral institution focused on financing defence production, supply chain resilience and security projects.
The DSRB was created to address financing challenges facing government and industry in the defence sector as countries around the world increase their spending on securing their national borders and meeting international geopolitical commitments.
As Canada’s manufacturing powerhouse, Toronto accounts for nearly 50 per cent of the nation’s manufacturing GDP, employment, exports and sales.
Ontario accounts for approximately 36 per cent of Canada’s defence-sector employment, the largest share of any province.
Over the last 10 years, Toronto’s financial services sectors grew at the fifth highest rate in the world and the highest rate in North America, according to the Conference Board of Canada.
Ontario is a national hub for defence manufacturing and innovation with 300 companies generating over $5 billion in annual revenue.
Ontario is producing over 94,000 highly skilled STEM graduates per year who are ready to support and drive the DSRB.
Quotes
"Hosting the Defence, Security and Resilience Bank in Toronto would be a major economic and workforce opportunity for Ontario. It would mean thousands of good-paying jobs for workers across finance, advanced manufacturing, technology and the skilled trades. With a highly skilled workforce and strong training partnerships already in place, Ontario is ready to ensure workers can meet the demands of this global mandate from day one."
David Piccini
Minister of Labour, Immigration, Training and Skills Development
"Every day in Ontario, our world-class colleges, universities and research institutes are building a workforce that is ready to lead, drive and compete on the global stage. As host to the Defence, Security and Resilience Bank, Toronto is well positioned to support the bank with a steady pipeline of highly skilled graduates who will fulfill the bank’s mission by protecting Ontario, protecting Canada and protecting our allies no matter what we may face."
Nolan Quinn
Minister of Colleges, Universities, Research Excellence and Security
"The GTA is where Canada’s economic strength, nuclear leadership and highly skilled STEM workforce converge at a scale unmatched anywhere else in the country. We have a plan to generate clean power as we lead North America’s largest nuclear expansion, and our plan to build mines faster has resulted in Ontario emerging as Canada’s number one jurisdiction for mining investment. In an era defined by rising geopolitical uncertainty, the GTA stands alone as the most advanced manufacturing, innovation and logistics hub that immediately gets working to fortify allied defenses."
Stephen Lecce
Minister of Energy and Mines
"As a global hub for defence innovation and manufacturing, it is essential the DSRB be located in Canada’s financial centre, Toronto. Ontario is home to more than 300 defence companies and combining that depth of industry presence and expertise with world-class financial services will prove invaluable to the DSRB’s mission to support Canada’s defence industry growth."
Bernard Derible
Ontario Military Defence Representative
Noah Note: Toronto has been the favored city from the start, assuming Canada got it, however, Ontario is going out of it's way to try and make the case further. Of course when in doubt, throw financial instruments as incentive. Such is the Canadian way these days.
Never waste a chance to toss more money in the pile I suppose. What do I know. Either way, this won't be decided by financial incentive. I do appreciate Ontario trying to toss a bone mind you and be supportive, wish it came sooner if this was in their minds, but better to support now than never.
Toronto is the most logical choice, but if we were to consider the US as a hostile entity, then it would be better to locate the bank in a place less... vulnerable. I never thought I'd have to think like this.
Ford’s enthusiasm for Toronto will probably be reflected in Ottawa during the next provincial election. “Team Ontario”, NOT.