Canada’s biggest banks, insurers and pension funds have pledged hundreds of billions of dollars in new investment and financing ahead of the country’s inaugural investment summit, which kicks off Monday.
Prime Minister Mark Carney announced the summit in April as part of his push to spur $1 trillion in investment in Canada over the next five years.
Carney is hosting the two-day summit in Toronto with the Canada Pension Plan Investment Board and the Public Sector Pension Investment Board. International investors, public sector representatives and CEOs of major Canadian companies are among those attending.
Some of the country’s largest financial institutions have announced plans to deploy capital in areas including energy, transportation infrastructure, mining and critical minerals, AI and defence.
BMO announced Friday that it plans to “mobilize up to $70 billion in new capital” over 10 years.
“We are committed to helping businesses invest, communities grow and Canada compete by mobilizing capital, expertise and advice to support the country’s next era of growth,” said Darryl White, CEO of BMO Financial Group, in a release.
The same day, CIBC made a $2-billion commitment to support small- and medium-sized businesses in the defence industry and those with dual uses in the civilian sector.
TD, meanwhile, committed $150 billion over five years toward new lending, underwriting, advisory, investment and other financing activities, the bank announced Friday.
“TD will connect investors with opportunity, help businesses scale and strengthen the sectors critical to Canada’s next era of growth,” said Raymond Chun, group president and CEO of TD Bank Group, in a statement.
Also on Friday, Sun Life pledged $5 billion over five years for Canadian infrastructure, including technology, energy, transportation and logistics. The insurer is also calling for an amendment to the Insurance Companies Act that would let insurers make equity investments in infrastructure.
On Monday morning, Scotiabank launched the Scotia Growth Institute and pledged $100 billion in financing over five years to support Canadian companies and projects. The bank appointed Kirsten Hillman, former Canadian ambassador to the U.S., as lead strategic advisor to the new institute.
“These actions are intended to support investments aligned with Canada’s long-term growth priorities, with a focus on sectors and projects identified through the federal government’s Major Projects Office and broader economic development agenda,” Scotiabank said in a release.
The Ontario Teachers’ Pension Plan Board (OTPPB) also announced Monday that it plans to invest an additional $10 billion in public and private Canadian assets by the end of 2027.
About $100 billion of its gross assets, representing 30% of its total portfolio, is already invested in Canada, Jo Taylor, president and CEO of OTPPB, said in a release.
“We look forward to building on this strong base of domestic exposure through investing a further $10 billion,” Taylor said.