Carney announces $25 billion for creation of Canada's first sovereign wealth fund

Subhead:While it's unclear where the initial $25 billion endowment will come from, Prime Minister Carney says the 'Canada Strong Fund' will be used to finance projects of national interest and will work in partnership with the private sector.# Prime Minister Mark Carney announced the creation of Canada's first sovereign wealth fund while speaking to reporters in Ottawa on Monday morning ahead of his government's spring fiscal update on Tuesday. A sovereign wealth fund is essentially a state-owned investment fund that can be used to invest in major projects or opportunities both at home and abroad. Carney told reporters that the new 'Canada Strong Fund' will “invest alongside the private sector in nation-building projects." “This will be a Government of Canada fund, but more importantly, it will be a people’s fund,” he added. “It will be your fund.”

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