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Canada will establish its first sovereign wealth fund with an initial size of 25 billion CAD
Golden Finance reports that on April 28, Canadian Prime Minister Carney said in remarks to reporters on Monday that Canada will establish a sovereign wealth fund with an initial size of 25 billion Canadian dollars (183.8 billion USD) to invest in major domestic projects. The fund will become Canada’s first sovereign wealth fund, and the announcement comes exactly one day before the release of Canada’s fiscal report. “A sovereign wealth fund is essentially a country’s savings and investment account, intended to build wealth for future generations,” Carney said. Carney said that the Canada Strong Fund will work with the private sector to invest in major projects across the country using a commercial model, and will expand its scale through asset turnover and reinvestment.