Canada Announces First Sovereign Wealth Fund with C$25B

Prime Minister Mark Carney announced Monday that Canada will establish its first national sovereign wealth fund, initially endowed with 25 billion Canadian dollars, to finance major industrial projects and bolster economic independence amid escalating trade tensions with the United States.

Speaking in a video message and later to reporters in Ottawa, Carney described the Canada Strong Fund as a key tool for investing in sectors including energy, infrastructure, mining, agriculture and technology. The federal government will provide the initial capital, drawn from public borrowing, while partnering with private investors to leverage additional funding. Individual Canadians will also have the opportunity to contribute directly to the fund, which will operate as an arm's-length crown corporation. Carney emphasized that the initiative draws inspiration from established sovereign wealth funds in countries like Norway, which began with domestic priorities before expanding globally.

"These projects will make Canada stronger, more resilient, and more independent," Carney said. "They'll create good jobs and grow our economy." He added that the fund would grow through asset recycling and...