Prime Minister Mark Carney has announced plans to create a sovereign wealth fund that would back major projects deemed of national interest.
The federal government will contribute $25 billion to the “Strong Canada Fund,” and accept investment from the private sector and individual Canadians, he said. The fund will include projects in “clean and conventional energy, critical minerals, agriculture, and infrastructure.”
“The new Canada Strong Fund will give all Canadians a direct stake in building Canada strong,” Carney told reporters in Ottawa on April 27.
Since September, 15 projects have been referred to the government’s Major Projects Office and six broader investment strategies are under development. The Liberal government’s Bill C-5 was passed last summer, which aimed to speed up project approvals and allow cabinet to override some federal laws and environmental reviews during the process….