CIBC Pledges $2-Billion to Boost Defence-Related Businesses in Canada

CIBC, one of Canada's major banks, is committing $2-billion over five years to support small and medium-sized defence-related businesses in the country. The move comes as Ottawa invests heavily in its military base and diversifies away from dependence on the US.

This approach marks a shift for the tightly regulated banking sector, which has historically shied away from lending to riskier companies. However, with the federal government's efforts to boost Canada's economy, banks are now expanding their services to the defence sector.

CIBC's program will support businesses across various sectors deemed critical to Canada's economy, including infrastructure, energy, cybersecurity, digital capabilities, and advanced technologies.