The new vehicle, named the Canada Strong Fund, will be set up as a professionally managed, independent corporation to “invest alongside the private sector in nation-building projects, on a fully commercial basis”, the prime minister said.
(April 27): Canada will create its first sovereign wealth fund to provide financing for large infrastructure projects, Prime Minister Mark Carney said.
The fund will be seeded with an initial C$25 billion (US$18.4 billion or $23.4 billion) endowment from the federal government, Carney said as he unveiled the plan Monday in Ottawa.
