Today, the Honourable Lawrence MacAulay, federal Minister of Agriculture and Agri-Food, and the Honourable Bloyce Thompson, Minister of Agriculture for Prince Edward Island, announced an investment of over $46 million into Prince Edward Island's local agriculture industry under the new Sustainable Canadian Agricultural Partnership (Sustainable CAP).
Sustainable CAP is a new $3.5 billion, 5-year agreement, from April 1, 2023 until March 31, 2028, between federal, provincial and territorial governments to strengthen the agriculture, agri‐food and agri‐based products sector.
To further support Prince Edward Island's agriculture industry, this cost-shared investment under Sustainable CAP represents a 25% increase in program funding from the previous agreement.
Through federal and provincial investment, Sustainable CAP will fund over a dozen program streams that aim to support the competitiveness, innovation and resiliency of the agriculture industry. Some examples of types of projects this could include are programs that encourage the development and adoption of land management practices for establishing perennial cover crops that help build resiliency in soils and reduce erosion as well as funding for the Prince Edward Island Livestock Strategy that supports the development of the livestock industry and its sectors.
Additionally, Sustainable CAP will continue to help producers manage risks that threaten the sustainability of their farm and that are beyond their capacity to manage through a suite of Business Risk Management Programs, including AgriStability, AgriInsurance, AgriInvest and AgriRecovery.
