Ontario Premier Doug Ford has announced a push for Toronto to become the headquarters of a proposed global defence bank, an initiative aimed at strengthening international security cooperation and attracting investment to the region. The announcement was made on May 12, 2026, during a press conference at Queen's Park.
Ford stated that the bank would focus on financing defence-related projects among allied nations, potentially creating thousands of jobs in Toronto. 'This is about positioning Ontario as a leader in global security and economic growth,' Ford said, according to local media reports.
The proposal has drawn mixed reactions, with some experts questioning the feasibility and economic impact. No official bids or commitments from international partners have been confirmed as of May 13, 2026. The Ontario government has not released a detailed plan or timeline.
