BMO commits $70 billion to Canadian energy, defence and AI ahead of Carney investment summit - Toronto Star

The announcement comes days before Prime Minister Mark Carney's investment summit kicks off in Toronto on Monday.  

People make their way past the BMO building in Toronto’s financial district.

BMO will pump up to $70 billion into critical Canadian economic sectors over the next decade, part of a broader big-bank pledge to help bolster national security and resilience.

The lender’s initiative, announced Friday morning, will back projects in electricity, energy and transportation infrastructure, as well as mining and critical minerals, AI computing, defence and security, and oil and gas.

The announcement comes days before Prime Minister Mark Carney’s investment summit kicks off in Toronto on Monday. Carney has set out to attract $1 trillion in new investment to Canada over the next five years while moving away from economic reliance on the U.S.

“BMO’s commitment is expected to support national priorities while helping Canadian businesses compete and succeed in a rapidly changing global economy,” the company said in a news release, adding that it plans to mobilize capital through bank financing, debt capital markets activity and the raising of public equity.

The Toronto summit kicks off Monday with at least 167 project opportunities and a $1-trillion capital goal.