Prime Minister Mark Carney announced his government will create a new sovereign wealth fund, adding that some details will be announced later. Questions remain about how the fund will operate and how it will be paid for.
The Canada Strong Fund, announced April 27, will use investment from the private sector and individuals to fund projects related to areas like energy, critical minerals, agriculture, and infrastructure. The government said this new initiative will allow Canadians to share in the returns.
The initiative was welcomed by some business groups as another tool to help the economy, and criticized by the Conservatives and other groups raising concerns that the new fund is similar to the Canadian Infrastructure Bank. The Tories say that since Canada is running deficits, the initiative will be more akin to a “sovereign debt fund.”…