Canada is getting its first sovereign wealth fund, Prime Minister Mark Carney said on Monday.
A sovereign wealth fund is a state-owned investment fund, that allows a government to invest in projects and investment opportunities across the world.
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Many countries around the world, from China and Norway to Australia and Saudi Arabia, have similar sovereign wealth funds — in particular, those with natural resources.
The Canada Strong Fund will “invest alongside the private sector in nation-building projects,” Carney said in a YouTube video Monday morning ahead of a scheduled press conference, which will be streamed live in this article at 9:15 a.m. Eastern.
“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.
More to come.