Prime Minister Mark Carney says Canada will launch its first ever national sovereign wealth fund, an investment account that he says will ensure all Canadians reap the rewards of government support for major new projects.

The Canada Strong Fund will begin with an initial endowment of $25-billion.

The Prime Minister made the announcement Monday, one day before his government releases a spring economic update.

A sovereign wealth fund is a state-owned investment account that is typically independently managed.