Prime Minister Mark Carney has announced the creation of a new C$25bn (US$18.4bn) sovereign wealth fund to bankroll major projects of national interest and provide returns for Canadians.
The government-funded initiative is the country’s first such fund and is part of Carney’s drive to turn Canada into the “strongest economy of the G7” at a time when US President Donald Trump has slapped debilitating tariffs on its vital exports.
Carney on Monday said the “Canada Strong Fund” will work alongside the private sector to finance 15 infrastructure proposals with the country’s Major Projects Office, which was set up in August.
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