$46M Investment Boosts Prince Edward Island's Ag Sector. AgTech
Agriculture Investments

$46M Investment Boosts Prince Edward Island’s Ag Sector

Key Takeaways

  • The Honourable Lawrence MacAulay and Bloyce Thompson announce a $46 million investment in Prince Edward Island’s agriculture industry.
  • The funding is part of the new $3.5 billion Sustainable Canadian Agricultural Partnership (Sustainable CAP).
  • The investment marks a 25% increase in program funding from the previous agreement.
  • Sustainable CAP supports competitiveness, innovation, and resiliency in the agriculture sector.
  • The initiative will fund over a dozen program streams, including Business Risk Management Programs like AgriStability, AgriInsurance, AgriInvest, and AgriRecovery.

Today, a significant investment was announced to fortify Prince Edward Island’s (PEI) agriculture sector. The Honourable Lawrence MacAulay, federal Minister of Agriculture and Agri-Food, and the Honourable Bloyce Thompson, Minister of Agriculture for Prince Edward Island, unveiled an investment of over $46 million into the local agriculture industry. This funding is part of the new Sustainable Canadian Agricultural Partnership (Sustainable CAP), a $3.5 billion five-year agreement from April 1, 2023, until March 31, 2028.

Sustainable CAP: A Comprehensive Plan

The Sustainable CAP is a collaborative effort between federal, provincial, and territorial governments. It aims to strengthen Canada’s agriculture, agri-food, and agri-based products sectors. For PEI, this cost-shared investment represents a 25% increase in program funding compared to the previous agreement.

Funding Streams and Objectives

The Sustainable CAP initiative will fund over a dozen program streams designed to bolster the agriculture industry’s competitiveness, innovation, and resiliency. Examples of projects that could benefit from this funding include programs that encourage developing and adopting land management practices for establishing perennial cover crops. These practices are intended to build soil resiliency and reduce erosion. Additionally, the initiative will support the Prince Edward Island Livestock Strategy, aiming to develop the livestock industry and its various sectors.

Risk Management Programs

Sustainable CAP will also continue to help producers manage risks beyond their capacity to handle. It will offer a suite of Business Risk Management Programs, including AgriStability, AgriInsurance, AgriInvest, and AgriRecovery, to ensure the sustainability of farms across the province.

Quotes from Officials

“The Sustainable Canadian Agricultural Partnership is a historic agreement contributing to the continued growth and sustainability of the agriculture sector on Prince Edward Island,” said The Honourable Lawrence MacAulay.

“The local agriculture industry is our Island’s pride and joy, as well as our economic backbone. We are proud of the investments made here today,” added The Honourable Bloyce Thompson.

Photo by Joshua Lanzarini on Unsplash 

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