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Prime Minister Mark Carney has announced his plan to create Canada's first sovereign wealth fund.
The "Canada Strong Fund" will serve as an investment vehicle to finance major projects of national interest and will work in partnership with the private sector, Carney said in a video posted online.
Carney said in the video that Canadians will be able to contribute to and benefit from the fund, investing alongside the private sector and international partners.
"If you have a bit of extra money, we'll make it easy for you to invest in the fund to help build Canada strong for all," he said.
In a statement, the federal government said the fund will include projects in "clean and conventional energy, critical minerals, agriculture, and infrastructure."
At Monday's press conference at the Canadian Science and Technology Museum in Ottawa, Carney said the fund will begin with an initial endowment of $25 billion.
"Over time, the fund will grow through asset recycling and reinvestment, creating even greater opportunities for future generations," Carney said.
When asked where that $25 billion will come from considering Canada's fiscal situation, Carney said the Spring Economic Update on Tuesday will deliver news that Canada's finances are on a stronger footing than they were when Carney's government projected a $78.3-billion deficit for the fiscal year just ended.
"In order for the numbers to be better, you have to be on top of them, and we are on top of them," Carney said.
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