OTTAWA
The Canadian government has launched a competition for municipalities to host the global headquarters of the new Defence, Security and Resilience Bank.
Finance Minister François-Philippe Champagne announced the selection process on Wednesday, calling it a major milestone toward establishing the multilateral financial institution.
Qualified Canadian municipalities must submit their application package by 23:59 Pacific Time on Dec. 3, 2026.
"Hosting the DSRB’s headquarters is an exciting opportunity for a Canadian municipality to be at the centre of a new institution supporting our collective security, strengthening defence industries, and building more resilient supply chains," Champagne said in a statement.
He said it "will attract international talent, investment, and specialized financial expertise to Canada, while helping address financing gaps and supporting Canadian businesses participate in allied defence supply chains."
The process will be led by Doug Guzman, chief executive officer of Canada's Defence Investment Agency, who will review applications and submit a shortlist to the minister of finance and the prime minister for consideration.
The DSRB is designed to mobilize long-term public and private capital to help governments and defence companies expand industrial production and strengthen supply chains.
"The Defence, Security and Resilience Bank has the potential to be a significant catalyst for strengthening the defence and security capabilities of Canada and our allies," Guzman said.
He said the bank will help address critical financing gaps, support defence procurement and expand the industrial capacity and supply chains needed to deliver essential capabilities.
The launch builds on the negotiation of the bank's Articles of Agreement in Montréal in April and a declaration by nine countries at the NATO Summit in July expressing their shared intention to establish the bank.
The participating countries are Canada, Albania, Belgium, Greece, Latvia, Luxembourg, Romania, Türkiye, and Ukraine. Membership will remain open to other allies and close partners who share the bank’s objective of enhancing defence, security, and resilience capabilities.
Canada was selected through multilateral negotiations held in spring 2026 to host the headquarters of the DSRB.
The bank will complement existing national and multilateral initiatives by addressing financing gaps faced by governments and defence companies and improving access to capital across the defence sector.
Through sound banking principles and strong financial backing from participating countries, the bank will seek a AAA credit rating, helping expand access to long-term financing, reduce financing costs, and mobilize commercial investment.
Ottawa says hosting the headquarters could bring international talent, investment and specialist financial expertise to Canada, while creating more opportunities for Canadian companies, including small and medium-sized businesses, to take part in allied defence supply chains and markets.
Canada and international partners will gather in Luxembourg on Nov. 30 to sign the bank's founding Articles of Agreement. The bank is expected to be fully operational in 2027.
In March 2026, the prime minister announced that Canada’s defence spending reached 2 per cent of GDP, with more than $65 billion spent in 2025-26, the single largest annual investment in generations.
The government says Canada is on track to spend 4 per cent of GDP on defence this decade and reach 5 per cent of GDP by 2035.
This story was written by the e2gold.ca newsroom from reporting by Department of Finance Canada and Traders Union. Quotes are checked word for word against that reporting.