Canada is getting its first sovereign wealth fund, Prime Minister Mark Carney said on Monday.
A sovereign wealth fund is a state-owned investment fund, that allows a government to invest in projects and investment opportunities across the world.
Get breaking National news
Get breaking Canada news delivered to your inbox as it happens so you won’t miss a trending story.
Many countries around the world, from China and Norway to Australia and Saudi Arabia, have similar sovereign wealth funds — in particular, those with natural resources.
The Canada Strong Fund will “invest alongside the private sector in nation-building projects,” Carney said in a YouTube video Monday morning ahead of a scheduled press conference, which will be streamed live in this article at 9:15 a.m. Eastern.
“If you have a little bit of extra money, we’ll make it easy for you to invest in the fund to help build Canada strong, for all,” he added.
More to come.
Canada’s new sovereign wealth fund gets $25B as Carney unveils plans
