Mark Carney unveils Canada’s first sovereign wealth fund

Canadian Prime Minister Mark Carney has unveiled the country’s first-ever sovereign wealth fund, the Canada Strong Fund, to finance national projects in infrastructure, energy, critical minerals, agriculture, and more.

Launched with an initial endowment of $25 billion, the fund aims to foster partnerships between the government and the private sector. 

Carney revealed that the endowment is supported by the government’s stronger fiscal outlook than the previously projected $78.3 billion deficit.

The fund will allow individual Canadians to buy into it and earn dividends, effectively creating a national savings account.

Opposition Leader Pierre Poilievre has criticized the move, arguing the sovereign wealth fund’s $25 billion endowment is adding to the national debt.