B.C. has launched a bid for Vancouver to host a new multi-lateral bank designed to finance large-scale military, security and infrastructure projects for NATO members and its allies.
B.C. Premier David Eby announced Vancouver’s intention to host the Defence, Security and Resilience Bank (DSRB) during a press event at Seaspan headquarters in North Vancouver Monday morning.
“Without question, Vancouver is the right choice. It’s the strategic choice,” Eby said. “We think we have a very strong case to make for the bank to be located here.”
By pooling the credit of member nations, DSRB is meant to provide AAA credit rating so smaller nations can borrow money at lower rates.
Vancouver’s bid comes ahead of several major military spending decisions. Canada initially planned to order 88 U.S. F-35 fighter aircraft but has since said it is considering whether it would like to replace some of that order with Swedish-made Gripen fighters.
And in another major spending decision, Ottawa is still weighing who it will contract to build a new generation of attack and surveillance submarines scheduled to be delivered to the Royal Canadian Navy by 2035.
German submarine manufacturer TKMS and South Korean firm Hanwha Oceans have both signed a flurry of agreements with Canadian companies as the competition heats up for a lucrative, multi-billion dollar contract to supply Canada with up to 12 new submarines.
That includes TKMS signing an agreement last month to team up with Seaspan Shipyards to support and maintain potential future patrol submarines supplied to Canada over the long term. The pact is conditional on TKMS winning a federal government contract.
Vancouver’s bid to lead the new bank also comes shortly after Canadian Prime Minister Mark Carney told world leaders at the World Economic Forum that the "old order is not coming back." He urged middle powers to build strategic autonomy and new alliances to survive a "rupture" in the global rules-based system.
But when it comes to military spending, such autonomy can be wildly expansive. By acting as a kind of World Bank for defence, DSRB is meant to help member countries scale up their industrial capacity and modernize their militaries without overwhelming their national budgets.
Toronto, Ottawa and Montreal are also placing bids to become the bank headquarters. If Vancouver becomes a host, Eby said it could potentially bring 3,500 jobs to the province.
Bridgitte Anderson, president and CEO of the Greater Vancouver Board of Trade, said Vancouver offers a unique strategic advantage as a “tri-continental bridge,” connecting to the Indo-Pacific, Europe and the Arctic channel.
"The DSRB is more than a financial institution, it is a vital security instrument,” Anderson said. Anderson is also a member of the bid committee.
The city also has a diverse ecosystem of expertise, like leading tech firms in cybersecurity, artificial intelligence, technology and advanced manufacturing, said Ravi Kahlon, minister of jobs and economic growth.
“Vancouver’s strengths go well beyond its industry. We have world-class post-secondary institutions and research, producing top-tier talent in engineering, data, security and science,” he said. “From a practical perspective, Vancouver offers modern commercial office space in its downtown core, rapid access to Vancouver International Airport and strong digital and transportation infrastructure.”
Vancouver Mayor Ken Sim also offered his support to the bid.
“We are the only city in Canada that can conduct business across the Indo-Pacific, Europe and Arctic time zones within a single business day. That becomes a critical advantage in order for Canada’s strategic needs to be changed by the hour,” Sim said.
“We’re the only place in Canada with global connectivity, day one capability and secure, trusted access to global markets that make the DSRB immediately effective,” he added.
Seaspan’s work is an example of what makes Vancouver the right choice for hosting the bank, Eby said, with the North Vancouver-based company expanding their infrastructure locally and continuing to advance competitive shipbuilding bids on both national and international scales.
“The remarkable work that’s happening here on the North Shore, and particularly at Seaspan, is evidence of the fact that British Columbians can get big things done,” he said. “Seaspan is delivering one of the largest shipbuilding contracts in Canadian history, and it’s bidding on additional contracts.”
A decision for which city will host the DSRB is expected to be made by the end of this year.
Abby Luciano is the Indigenous and civic affairs reporter for the North Shore News. This reporting beat is made possible by the Local Journalism Initiative.
