Canada is getting its first sovereign wealth fund, Prime Minister Mark Carney said on Monday, with an initial endowment of $25 billion.
A sovereign wealth fund is a state-owned investment fund, that allows a government to invest in projects and investment opportunities across the world.
Carney described it as “essentially a national savings and investment account.”
Several countries around the world, from China and Norway to Australia and Saudi Arabia, have similar state-owned investment funds.
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The Canada Strong Fund will “invest alongside the private sector in nation-building projects,” Carney said.
“We will begin with an initial endowment of $25 billion. Over time, the fund will grow through asset recycling and reinvestment, creating even greater opportunities for future generations,” he said.
Individual Canadians will be able to directly invest in the fund
“If you have a little bit of extra money, we’ll make it easy for you to invest in the fund to help build Canada strong, for all,” he added.
Most of the major investment in big projects in Canada will still come from the private sector, he said, with the federal government providing support through loans, grants and other incentives.
The fund will be “professionally managed and operate as an arms-length, independent Crown corporation,” he said, adding that the government will be consulting over “specific aspects” of the fund.
“Individual Canadians will be able to directly invest in the fund”
hahaha yea right, I’ll invest into my own fund.
lol. More talk and nothing more by Carney. Get the economy going and stuff built.
“Sovereign Wealth Fund” a.k.a Carney slush fund !!! Only the Elbows up happy clappers will buy into this one.
Wow makes me wish I could get in on the windfall, unfortunately it’s just a slush fund available for liberals and their accomplices.
Toss another $25b on the old deficit bonfire
lol! We’re gonna have to stop spending like drunken sailors for that to work. This guy just throws ideas out there and because he has some credentials many Canadians seem to beleive him. We’re not ever going to be an energy superpower under this government and we’re never going to get control of our deficits to the point a sovereign wealth fund would be of any value.
A sovereign wealth fund while 70% of Canada withers from debt and NO WEALTH! He will take even more from us to make this happen! People are starving and homeless you fascist! People are facing bankruptcy and mortgage arrears cause of sky high interest rates and the damned GOUGE he allows by corporations. Time for a damned revolt and take our government back from these fascist pigs!
Newsflash Carney, nobody in Canada has any more ‘extra money’ lying around to finance your governments incompetence.
Isnt this just like the infrastructure bank? Another expensive boondoggle that will hand contracts to Liberal insiders, so nothing for Canadians while coating billions… Go back to Wales Carney
And how does he get the money for this? He takes it from us. Then he has free rein and doesn’t have to consult with the taxpayer. Another money grab to give him his bank account to steal from. A new laundry basket to fee Ukraine from. Phuck U Carney and any fascist who thinks this man is for Canada!
@tbt: See how all copuntries have them or did you read this? phuck off loser.
Another move the likes of P. E. T. Get out of this mess called Canada.