Canadian Financial Giants Pledge Billions in Domestic Investment Ahead of Summit
Major Canadian banks and pension funds have announced multi-billion dollar commitments to domestic infrastructure, technology, and defence sectors ahead of the inaugural Canada Investment Summit in Toronto.
Ahead of the inaugural Canada Investment Summit scheduled for next week in Toronto, major Canadian financial institutions and pension funds have pledged billions of dollars in new domestic investments. The summit is organized by Prime Minister Mark Carney and two Canadian pension funds with the goal of attracting foreign investment.
Bank of Montreal (BMO) announced it will deploy up to $70 billion in new capital over the next 10 years. This funding targets critical sectors including electricity, energy, transportation, mining, AI computing, defence, and oil and gas. BMO CEO Darryl White emphasized the bank's role in supporting Canada’s economic security and resilience through these initiatives.
Ontario Teachers’ Pension Plan aims to invest an additional $10 billion in Canada by the end of 2027, increasing its domestic portfolio from its current $100 billion. The plan, which has a total fund size of $303 billion, seeks to boost growth in Canadian companies and infrastructure projects. Ontario Teachers’ CEO Jo Taylor stated that the plan has already added about $1.5 billion of assets in Canada to its portfolio over the past few months.
Other significant commitments include:
- Public Sector Pension Investment Board: Aims to increase its investments in Canada by roughly one-third, moving from $72.4 billion to $100 billion over the next few years. The board manages a total fund size of $321 billion.
- OMERS: In April, the Ontario Municipal Employees Retirement System announced plans to add at least $10 billion in new domestic investments over the next five years. OMERS has a total fund size of $152 billion.
- Sun Life Financial Inc.: Announced an infrastructure investing initiative seeking to deploy $5 billion over five years in areas such as digital technology, energy, and transportation.
- Royal Bank of Canada (RBC): Launched a $1.4 billion fund aimed at investing in Canadian technology companies, including aerospace and dual-use defence firms.
- Canadian Imperial Bank of Commerce (CIBC): Committing $2 billion over five years for small- and medium-sized defence-related and dual-use businesses.
These pledges are designed to support Canada's economic resilience and attract further foreign direct investment. By focusing on key sectors like defence and technology, the participating entities aim to strengthen the country’s military base and foster the growth of local enterprises.