The agriculture and food sector is set to receive a significant boost with the announcement of a $25 million investment by the federal and provincial governments. This funding is part of the Agri-Tech Innovative Initiative, which aims to support the expansion of production capacity and improve energy efficiency within the industry.
Lisa Thompson, Ontario Minister of Agriculture, Food, and Rural Affairs, emphasized the importance of keeping Ontario farmers and processors at the forefront of innovation. She believes that this program will help drive efficiencies and greater production for both parties. Ultimately, this will lead to better cost of production and have a positive impact across the entire value chain, potentially even providing savings for consumers.
The Agricultural Adaption Council will manage the application process on behalf of the Ontario Ministry of Agriculture, Food, and Rural Affairs (OMAFRA). The program will focus on raising awareness over the next few months before beginning to accept applications on February 15th, 2024.
Projects with budgets up to $100,000 are eligible for a cost-share of up to 50%, while larger projects can receive a 35% cost-share up to $100,000. This significant financial support aims to incentivize innovation and sustainable practices within the agriculture and food industry.