Carney announces sovereign wealth fund ahead of spring economic update

Prime Minister Mark Carney announced the creation of a sovereign wealth fund one day ahead of his government’s spring fiscal update, with an initial endowment of $25 billion.

“We’re proud to announce a new pillar of our plan, the Canada Strong Fund — Canada’s first national sovereign wealth fund,” said Carney, during a press conference in Ottawa on Monday.

“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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