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Ford pitches Toronto as host of new global defence bank
Toronto's bid for the Defence, Security and Resilience Bank highlights its financial sector strength and could create 3,500 skilled jobs, officials said.
- On Wednesday, the City of Toronto and the government of Ontario released a joint pitch at the Toronto Stock Exchange to launch a bid aiming to have Toronto nominated to host the Defence, Security and Resilience Bank.
- The DSRB was proposed to incubate and finance allied defence projects as European military spending rises after Russia's invasion of Ukraine; it would be owned and capitalized by member nations and complement the European Union's SAFE initiative, the bank said last week.
- Local defence and tech capacity, plus broad industry backing, were presented as concrete strengths with more than 900 defence organisations, 170 industry partners supporting Toronto's bid, and Toronto Pearson International Airport linking 200 destinations.
- A decision on the Canadian site is expected early in the New Year, with the Defence, Security and Resilience Bank slated for establishment by the end of 2026 and beginning operations around 2027, with Toronto's bid noting up to 3,500 jobs in the GTA.
- Several countries have signalled interest while the DSRB leadership team has been meeting globally, with Ontario Finance Minister Peter Bethlenfalvy saying it would lift everybody given Toronto and Ontario's deep talent pool and tech capabilities.
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Ford promotes Toronto as Ottawa, B.C. and Montreal make pitches to host defence bank
OTTAWA — Ontario Premier Doug Ford made a case Wednesday for Toronto as the headquarters for a new global bank for defence spending — but the city is facing competition from Ottawa, Montreal and British Columbia.
·Flin Flon, Canada
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Toronto launching bid to become home of new international Defence, Security and Resilience Bank
The city and the province are throwing their weight behind a formal bid to make Toronto home to the new Defence, Security and Resilience Bank (DSRB) — a new multinational bank focused on financing the security needs of democratic nations.
·Canada
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After Montreal, Toronto presented its candidacy for the new Defence Bank, an international institution that could attract 3,500 jobs.
·Montreal, Canada
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Total News Sources20
Leaning Left13Leaning Right1Center4Last UpdatedBias Distribution72% Left
Bias Distribution
- 72% of the sources lean Left
72% Left
L 72%
C 22%
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