Montreal's Defence Bank: A New Global Hub

0:00Canada just got picked to host a new multinational defense, security and resilience bank, putting Montreal in prime position after negotiations. Wrapped up there with over a dozen founding nations, Isabel Houdon, head of the Business Development Bank of Canada right here in Montreal, led the Canadian team through those talks, sealing the deal on Wednesday. The bank will help finance defense and security firms that regular lenders see as too risky, backed by NATO allies as military budgets climb across. The Alliance. Montreal's already a top three global hub for aerospace and defense, home to over 200 companies like Bombadier and CAE, and Canada hit that. 2% of GDP defense spending target back in March, for the first time since 1990. But Toronto's pushing hard with its financing and English ease while Ottawa and Vancouver stay in the mix. The final city call rests with the Canadian government, so we'll see where this lands. Local news, powered by AI, this is Canada News Today.

1:04I'm Corey with the story.