Prime Minister Mark Carney announces Canada’s 1st sovereign wealth fund

CITYnews halifax / By Craig Lord, The Canadian Press

OTTAWA — Prime Minister Mark Carney announced the country’s first national sovereign wealth fund on Monday, pitching the new agency as a way for Canadians to invest in nation-building projects.

Carney said the Canada Strong Fund will invest in major Canadian industrial projects in areas such as energy, infrastructure, mining, agriculture and technology.

The prime minister said the federal government will put up funds starting at $25 billion to invest alongside private investors. He said individual Canadians can also put money into the fund and suggested it would be similar to purchasing a government bond, where the initial investment is protected.

Returns from those investments will be put back into the fund to expand its capacity and build out capital projects in Canada.

Speaking to reporters Monday, Carney compared the fund to a “national savings and investment account.” He also called it “the people’s fund.”

“Building Canada strong means building a Canada where everyone has a stake, where growth is shared and where prosperity reaches every region, every community and every family,” he said.

Countries such as Norway and many Gulf states already have large sovereign wealth funds.

The Canada Strong Fund will be set up as an independent, arm’s-length Crown corporation. The federal government will consult over the coming months on the specific design of the investment instrument.

Carney made the announcement Monday morning at the Canada Science and Technology Museum in Ottawa, a day before the Liberal government tables the spring economic update.

The prime minister suggested there would be “good news” on the federal deficit in Tuesday’s update.

This report by The Canadian Press was first published April 27, 2026.

— with files from Kyle Duggan and Sarah Ritchie

Craig Lord, The Canadian Press