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Canadian Imperial Bank of Commerce says it has committed to spend $2 billion to help small and medium-sized defence-related businesses grow in a sector that has increasingly become important for boosting Canada’s economy.
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“Canadian companies in the defence and resiliency ecosystem are poised to play a critical role in strengthening our economy, advancing innovation and enhancing national resilience,” Susan Rimmer, CIBC’s head of commercial banking, said in a statement on Thursday. “We are bringing together funding, sector expertise, market access and strategic connections to help Canadian businesses.”
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Businesses that can receive funding include those belonging to the energy, cybersecurity, digital capability, infrastructure and advanced technology sectors.
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Prime Minister Mark Carney’s government has been looking to accelerate key energy projects and increase investments in the defence sector as a way to boost Canada’s economy and reduce its reliance on the United States.
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On Wednesday, Royal Bank of Canada announced a $1.4-billion initiative to invest in Canadian technology companies that have the potential to become global powerhouses. The lender will look to make direct equity investments in Canadian companies.
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CIBC chief executive Harry Culham said the bank’s $2-billion commitment reflects its confidence in Canadian businesses and its determination to help them access the financial support they need to scale and succeed.
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“Canadian businesses in the defence and resiliency ecosystem have the expertise and ambition to lead,” he said in the statement.
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Ottawa’s push to expand its defence sector is one of the most significant financing initiatives in Canada’s history, Culham said in May.
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“Let me be clear: we recognize the urgency of this moment,” he said at a conference back then. “This presents a once-in-a-generation opportunity to invest in our economy.”
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