Prime Minister Mark Carney announced the creation of a sovereign wealth fund with an initial endowment of $25 billion that he asserts will create wealth for future generations. The fund, referred to as the Canada Strong Fund, is designed to serve as an investment vehicle to finance significant national projects in collaboration with the private sector.

Carney stated in a video that this fund will enable Canadians to contribute and invest alongside the private sector and international partners. He expressed, "If you have a bit of extra money, we'll make it easy for you to invest in the fund to help build Canada strong for all." The federal government has indicated that the fund will support projects across various sectors, including clean and conventional energy, critical minerals, agriculture, and infrastructure.

During the announcement at the Canadian Science and Technology Museum in Ottawa, Carney highlighted that the fund would grow over time through asset recycling and reinvestment. He also noted that the fund would be managed by an independent Crown corporation, ensuring accountability and transparency.

However, Conservative Leader Pierre Poilievre criticized the move, questioning the decision to use borrowed money for the fund, emphasizing that Canada currently faces a significant debt issue. Carney defended the initiative by stating that recent increases in oil prices have improved the federal government's revenue, positioning it more favorably for this investment.

Overall, the Canada Strong Fund aims to create a direct stake for Canadians in the country’s long-term prosperity and to finance critical infrastructure projects that define Canada’s future.