TEAM ONTARIO UNITED BEHIND TORONTO’S BID TO HOST THE DEFENCE, SECURITY AND
RESILIENCE BANK
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
May 12, 2026
Premier’s OfficeTORONTO — 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
ADDITIONAL RESOURCES
* Canada’s Choice: Toronto’s Bid for the Defence, Security and Resilience Bank
* Defence, Security and Resilience Bank
* 2026 Ontario Budget: A Plan to Protect Ontario
