Canada's Financiers Gear Up for Carney Summit with Billions in Commitments

Canada's biggest financial players are gearing up to deploy billions of dollars in sectors that will likely boost the country's economy ahead of Prime Minister Mark Carney's Canada Investment Summit next week.

The summit, which will bring together global investors, Canadian executives, and public-sector representatives, comes on the heels of a decision by the top banking regulator to reduce the amount of money the Big Six banks must keep aside for financial shocks. This move has freed up billions of dollars in capital, with analysts expecting much of it to be used for major national projects.

Bank of Montreal has promised to 'mobilize' up to $70 billion over 10 years in sectors such as defence, energy, and artificial intelligence. The bank's chief executive, Darryl White, said that 'building Canada has always depended on bold ideas backed by capital.'

Royal Bank of Canada announced a $1.4-billion initiative to invest in Canadian technology companies with global potential.