PM Carney announces sovereign wealth fund for major projects

Prime Minister Mark Carney unveiled Canada’s first national sovereign wealth fund Monday, saying it is an opportunity for Canadians to buy into major industrial projects.

Dubbed the Canada Strong Fund, the agency will target major Canadian industrial projects across sectors including energy, infrastructure, mining, agriculture, and technology.

The prime minister says the government will kickstart the fund with a $25 billion investment.

Individual Canadians will be able to invest in the fund, Carney comparing the process to purchasing government bonds.

Carney says returns will be put back into the fund to expand its capacity.

The Canada Strong Fund is expected to be set up as an independent, arms-length Crown corporation.

The establishment of this fund mirrors existing large sovereign wealth funds in nations like Norway and various Gulf states.

With files from The Canadian Press. 

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