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The Liberal government offered a rough timeline for the retail investment product in Thursday’s federal budget. The notes will be sold through “participating financial institutions,” the budget said, and the government will work with the financial sector to design them. (The Logic)
Talking point: The budget offered few other new details about the so-called Canada Strong Fund, which it first announced ahead of the spring economic update, including its plan to give retail investors a way to put money of their own into the fund. It will seed the fund with an initial $25 billion over three years, and will table legislation “in the coming months” to establish it as an arm’s-length Crown corporation. The fund will have a “domestic-only mandate.” It will co-invest in Canadian projects or companies alongside other federal entities, such as the Canada Infrastructure Bank or Major Projects Office, and will also take equity stakes “in high-potential projects and companies offering attractive long-term returns and supporting Canada’s economic strength and resilience.” The budget cited the government’s recently announced investment of up to $1.6 billion in AI company Cohere as an example of the type of deal the fund could make once it’s established.
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