Canadian Prime Minister Mark Carney has announced the creation of Canada’s first national sovereign wealth fund, called the Canada Strong Fund.
The fund will start with an initial federal contribution of CAD25 billion ($18.32 billion) and will invest alongside the private sector in major projects and companies tied to Canada’s economic transformation.
Its target areas include clean and conventional energy, critical minerals, agriculture and infrastructure. Carney said the returns will be reinvested to grow the fund over time and strengthen its ability to support investments with the highest potential return for Canada and Canadians.
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Plans for new retail investment fund
The government also plans to launch a retail investment product, such as a mutual fund or pension-style scheme, that would allow Canadians to buy into the fund and earn dividends.
The announcement marks a major shift in Canadian economic policy under Carney, who said the fund is intended to support nation-building projects and improve economic resilience amid global uncertainty and trade tensions with the United States.
Carney compared the initiative to historic public-private efforts such as the Canadian Pacific Railway, while stressing that modern projects would include Indigenous peoples as full partners.
Finance Minister François-Philippe Champagne said the fund will take several months to fully establish, with more details on structure and liquidity still to come. Moreover, Conservative Leader Pierre Poilievre criticized the plan as a debt-financed fund and argued that regulatory reform would be a better way to attract investment.
