Critics of a repetitive government policy which allows foreign private equity funds to gobble up the best of Portugal`s strategic assets in energy, mining, housing and IT will be interested to hear of an alternative which has just been launched by Canada`s 47th prime minister, Mark Carney, whose experience includes being governor of the Banks of Canada (2008-2010) and England (2013-2020).

The Canada Strong Fund will be seeded by government with an initial target of C$25 billion spread over three years during which investment will be open to all Canadian citizens including those who are resident abroad. In a press release, Carney spoke to the nation: “you will all have the opportunity to share directly in modern projects which will make us more resilient and independent. This is our country, this is your future and we will be building it together”.

There are similarities in the basis of this proposal to the Norwegian Sovereign Fund which was formed initially to invest profits accruing from North Sea oil exploitation for the social benefit of all Norwegians. However, management functions will be dissimilar and will become clearer as the Transition Office evolves during the next few months.

Investment of the Fund in “clean” projects which aim to benefit the environment and unconnected with arms dealing, drug consumption and pollution will be a priority. So, focus will be upon obtaining long-term returns from current developments in the creation of green energy, information technology, ethical agriculture and renewal of infrastructure.

A similar fund applied to Portugal would participate in controversial existing projects for mining lithium and copper and the construction of infrastructure to support the revolutionary applications of IT and AI. However, a substantial share in the profits resulting from the wastage of national assets will go into Portuguese wallets rather than those of shadowy corporations.

The prime minister added in his press release that the fund will be regulated by an independent body and will “operate like a national savings and investment account” with the goal of allowing all Canadians to make retail contributions and participate in growth.

Too good to be true ? Mark Carney´s profile as a competent central banker and a highly regarded statesman makes this experiment in practical socialism, as a restraint to rampant capitalism, an interesting possible solution for Portugal.

An essay by Roberto Cavaleiro Tomar 30 April 2026