THE NEW YORK TIMES: The sovereign wealth fund announced by Prime Minister Mark Carney will be far smaller than ones in other oil producers like Norway and the Middle East.
Prime Minister Mark Carney of Canada said Monday that his country would establish a pool of money similar to those used by major oil exporters like Norway to make investments as he seeks to make the Canadian economy less dependent on the United States.
Known as a sovereign wealth fund, it will focus on investments in Canadian infrastructure and will be operated like a private company. Canadians will also be able to invest in the fund.
Sovereign wealth funds are large pots of investment money that are generally managed independently, though they sometimes receive broad direction from governments about where they can put their funds.
In creating one of it own, Canada is following the lead of other countries, among them oil-rich nations in the Middle Eastern.
“This will be a Government of Canada fund, but more importantly, it will be a people’s fund, it will be your fund,” Mr. Carney told reporters in Ottawa. “Many countries that are blessed with natural resources, like Norway, have them. Canada has not until now.” » | Ian Austen | Reporting from the steam locomotive hall at a science and technology museum in Ottawa where Prime Minister Mark Carney spoke.| Monday, April 27, 2026