Canada will establish its first sovereign wealth fund to support major infrastructure projects.

Canadian Prime Minister Mark Carney announced that Canada will establish its first ever sovereign wealth fund to provide financing for large infrastructure projects. Carney unveiled this plan in a video on Monday morning, and is set to provide further details to reporters at around 9:15 am in Ottawa time. The fund will include a mechanism that allows individual Canadians to contribute, confirming earlier reports from Bloomberg News and other media outlets. The fund will be named the "Canada Prosperity Fund." Carney has made it a priority to increase Canada's attractiveness to global capital. In November of last year, his government set a goal to attract $500 billion CAD in private investment over the next 5 years, and has indicated plans to expedite the approval and construction of projects such as ports, pipelines, and other export infrastructure.