Selection process begins for Canadian city to host defence bank

Resumen detallado

Ottawa invites cities to submit proposals to become headquarters of multinational Defence, Security and Resilience Bank

Ottawa is asking cities interested in hosting the headquarters of a multinational defence bank that Canada is championing to submit their proposals as the federal government inches toward its goal of establishing the bank in 2027.

The long-awaited selection process for the host city of the Defence, Security and Resilience Bank is finally open after months of advocates across Canada lobbying the government to consider their unsolicited proposals to headquarter the institution in their municipality.

The Globe and Mail first reported in April that Canada had officially been selected to host the bank by 19 countries that met in Montreal that month. The bank will provide long-term, low-cost financing for defence projects undertaken by the participating countries. Even before then, however, press conferences and pitch decks were put together by cities, including Toronto, Ottawa, Vancouver, Montreal and Halifax, boasting buildings where the bank could be housed and attractive attributes to international delegates.

Proposals are due Dec. 3, days after the signing of the bank’s charter is expected to take place in Luxembourg with its nine founding countries: Canada, Albania, Belgium, Greece, Latvia, Luxembourg, Romania, Turkey, and Ukraine.

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Hosting the bank will involve entertaining international delegations, attracting workers, holding conferences and drawing in investment activity, according to the federal government.

An ecosystem of existing banking and financial expertise surrounding the bank will be valued in the selection process, according to Ottawa, which plays heavily into Toronto’s pitch to have the DSRB located in the country’s financial district. Access to defence companies, government and academia will also be coveted, which could help the pitch that advocates in the country’s National Capital Region have been making.

The building itself must be able to house 50 employees to start in…

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