Alberta Targets $173 Billion Fund to Wean Itself Off Oil Revenue
- New investment corporation will seek 9% annual returns
- Fund may invest in technology, energy, infrastructure
The Alberta Legislature in Edmonton
Photographer: Jason Franson/BloombergThis article is for subscribers only.
Canada’s top oil-producing province of Alberta plans to boost its wealth fund roughly tenfold to C$250 billion ($173 billion) by 2050 in a bid to wean itself off volatile natural resources revenue.
The government formed a corporation to oversee the C$24.3 billion Heritage Savings Trust Fund and seek opportunities to raise returns to 9% annually from about 7% now, it announced Wednesday. It also passed legislation that requires the fund to reinvest its returns rather than distribute them to the province.