SANTO DOMINGO – In a scenario marked by trade tensions and the need to strengthen its economy, Canadian Prime Minister Mark Carney announced the creation of the country's first sovereign wealth fund, a tool with which the government seeks to promote large-scale strategic projects.
According to reports from Radio Canada International and The Canadian Press, the so-called "Strong Canada Fund" will begin with an endowment of 25 billion Canadian dollars, equivalent to about 18 billion US dollars.
Carney, according to CBC News, explained that the fund will be geared towards key sectors such as energy, infrastructure, mining, agriculture and technology, considered pillars for the country's economic growth.
Alliance with the private sector
According to The Globe and Mail, the federal government will work with private investors to finance projects of national interest, many of them linked to infrastructure development and the exploitation of natural resources.
The president indicated that this strategy seeks to accelerate initiatives considered priorities, in a context where Canada is trying to diversify its economy and reduce its dependence on external markets.
A fund with citizen participation
One of the most innovative aspects of the proposal is the possibility for citizens to participate directly in the fund. As CBC News detailed, Canadians with savings capacity will be able to invest in this instrument and benefit from its returns.
Carney argued that the fund will not only be a state tool, but also a way to generate collective wealth in the long term.
“It will be a government fund, but also a people fund,” he said.
Structure and projection
The prime minister explained that the fund will be managed by an independent public corporation, accountable to Parliament, and that its growth will be based on the reinvestment of assets.
He also indicated that the government will open a consultation process in the coming months to define the operational details of the instrument, including its structure and scope.
According to the Canadian media cited, the initiative is conceived as a kind of “national investment account”, with the goal of generating sustained benefits for future generations.
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