Prime Minister Mark Carney has unveiled plans to create a new sovereign wealth fund to help back major projects across Canada.

Citing Canada’s changing relationship with the United States, Carney says Ottawa will partner with private investors to help finance large-scale projects in the energy, mining, agriculture and tech industries as well as major infrastructure projects.

The prime minister says while it will be a Government of Canada Fund, the intent is that it will be “a people’s fund, it will be your fund.”

The fund’s initial budget is set at $25-billion over the next three years, and will grow over time.

The federal government is bringing down a spring fiscal update tomorrow.