The bank will spend the money over five years to support Canadian companies and projects that “will drive forward Canada’s economic growth agenda,” according to a release. (The Logic)

Talking point: Scotiabank is also launching a think tank, called the Scotia Growth Institute, that it says will study how to best support Canada’s long-term growth and competitiveness. It’s a timely topic given the upcoming Canada Investment Summit Tuesday, where Ottawa will pitch investors from around the world on 167 projects, ranging from multibillion-dollar energy deals to early-stage technologies. The think tank’s first report is an analysis of the ventures being supported by the federal government’s Major Projects Office, concluding the inventory looks promising but will face challenges including labour shortages and supply chain constraints. Scotiabank’s funding announcement joins a wave of others from Bay Street heavy hitters in advance of the summit.

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