Two of Canada’s largest banks put more than $250 billion of financing capacity behind the country’s industrial expansion on Monday, a headline figure equal to roughly one-quarter of Ottawa’s five-year investment target but measuring something materially different from direct capital spending.
TD Bank announced a $150 billion, five-year commitment covering new lending, underwriting, advisory, and other financing activity. Bank of Nova Scotia separately said more than $100 billion in financing, underwriting, and investment would be available over the same period for Canadian companies and projects.
The announcements landed as Prime Minister Mark Carney opened the Canada Investment Summit in Toronto, where the federal government is pitching more than 160 projects to global investors as part of its plan to catalyze $1 trillion in total investment over five years.
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TD’s program targets energy, critical minerals and resources, defence and aerospace, digital and AI, and infrastructure. Its own economics unit estimates that more than $1 trillion of spending across more than 300 publicly announced projects is already proposed through 2035 and beyond.
Scotiabank’s commitment is tied to Canadian growth priorities and projects associated with Ottawa’s Major Projects Office. The bank also launched the Scotia Growth Institute and appointed former Canadian ambassador to the US Kirsten Hillman as its lead strategic adviser.
Scotiabank separately committed $50 million toward workforce skills, AI capabilities, and economic resilience programs.
The two announcements extend a broader financing push from Canadian financial institutions ahead of the summit.
Bank of Montreal said Friday it plans to mobilize up to $70 billion over 10 years for areas including power, pipelines, transportation, mining, AI computing, defence, and oil and gas.
Sun Life Financial separately committed $5 billion over five years to Canadian infrastructure, including $1.5 billion intended for infrastructure equity subject to changes to federal insurance rules.
READ: BMO, Sun Life Back Canada’s Pipelines, AI and Defence In $75B Push
The announcements shift part of Canada’s investment challenge from identifying capital toward turning proposed projects into financeable transactions. TD Economics estimates more than $1 trillion of projects are already on the table.
