Released on February 16, 1995
Agriculture and Food Minister Darrel Cunningham today announcedSaskatchewan will contribute $18 million from the 1994-95 budget and a
further $9 million in the 1995-96 budget to a new Agri-Food Innovation
Fund.
Cunningham said the new fund will promote value-added agricultural and
food production and further diversification of the industry. The fund
will work in a financial partnership with federal initiatives, a
partnership developed as part of the Canada-Saskatchewan Safety Net
Agreement reached in November, 1994.
"The establishment of this fund represents a concerted effort by
government and farm organizations to strengthen our agricultural
capabilities in the province," Cunningham said.
Cunningham said the fund will provide grants to develop specific
opportunities for industry growth and will address the agri-food
sector's needs for infrastructure, research, marketing, financing,
biotechnology, processing and training.
Cunningham said the new fund will complement existing initiatives such
as:
ù the Agri-Food Equity Fund, begun in 1994 with $20 million
committed over four years; it provides start up and expansion
capital for companies with projects that demonstrate potential to
add value to the primary production; it is considered seed money
until the new enterprises are running smoothly; and,
ù the Agriculture Development Fund, begun in 1985 and currently with
an annual budget of $11.5 million; it assists farmers and other
sectors of the agri-food industry to become more competitive; it
also funds basic and applied research and development.
Cunningham said the Agri-Food Innovation Fund will help create new
opportunities for investment and commercialization. Opportunities will
be developed through an industry partnership in diversification areas
such as specialized crops, specialized livestock, horticultural and
agricultural processing. The fund will also strengthen the
infrastructure and activities in traditional crops and livestock
sectors.
"Farmers in Saskatchewan will see the benefits of this fund through
higher crop yields, better animal products and new opportunities for
their farms."
The minister said an industry-government panel, to be named in late
spring following passage of legislation, will assess and choose
appropriate projects to receive support from the fund.
"The Agri-Food Innovation Fund helps fulfil the commitment made to
provide direct funding for development and diversification as part of
the government's agricultural strategy, Agriculture 2000."
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For more information, contact:
Ernie Spencer
Director
Market Development Branch
Agriculture and Food
Regina
Phone: 787-8524