Carney announces $25B national sovereign wealth fund ahead of economic update

Prime Minister Mark Carney announced Monday that Canada will establish its first national sovereign wealth fund, starting with $25 billion in initial capital.

Carney said the fund will invest in large-scale Canadian industrial projects, including energy, infrastructure, mining, agriculture and technology. According to the prime minister’s announcement, the federal government will co-invest alongside private-sector partners.

The announcement was made at the Canada Science and Technology Museum, one day before the Liberal government is set to deliver its spring economic update. The timing signals the fund may be part of a broader fiscal and investment strategy expected in the update.

Sovereign wealth funds are commonly used by countries such as Norway and several Gulf states to manage public assets and invest in long-term economic growth. Carney did not provide details Monday on governance structure, oversight mechanisms or timelines for the fund’s first investments.