The Bank of Nova Scotia (Scotiabank) is committing more than $100-billion in financing to help Canadian businesses expand and is launching an institute led by a former ambassador to assess the country’s long-term competitiveness.
Ahead of Ottawa’s investment summit, Canada’s biggest banks have been launching initiatives to provide financing for domestic companies as the federal government races to reduce the country’s dependence on the United States. As part of Scotiabank’s initiative, financing, underwriting and investment will be available to Canadian companies and projects in sectors the bank believes will drive economic growth over the next five years.
The sectors included in the initiative will align with the areas targeted by Canada’s Major Projects Office, including clean energy, oil and gas, critical minerals, advanced manufacturing, technology and defence, Scotiabank chief executive officer Scott Thomson said ahead of the Canada Investment Summit.
Read Stefanie Marotta’s story at The Globe and Mail