Ottawa announces planned defence bank to be headquartered in Canada
Canada will host a multinational defence bank to provide long-term, low-cost financing for defence projects by NATO members and allies. The bank's headquarters is expected to be located in one of Toronto, Ottawa, Vancouver, or Montreal.
Canada has been selected to host a multinational defence bank to provide financing for defence projects by NATO members and allies. The decision was made following multinational negotiations hosted in Montreal. The defence bank will allow member countries to leverage shared resources to meet defence challenges. National Defence Minister David McGuinty called it a resilient and responsive defence industrial base. Toronto, Ottawa, Vancouver, and Montreal are competing to host the Defence, Security and Resilience Bank. Canada's Big Six banks have expressed support for the proposed international defence financing vehicle.
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