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Agricultural risk management initiatives receive support

The federal government is putting $15 million toward a new Growing Forward 2 program to help farmers have more and better ways to manage the risks of farming


Ottawa – The federal government has launched a new Growing Forward 2 program for industry-led, agricultural risk management initiatives.

Pierre Lemieux, parliamentary secretary for Agriculture, made the announcement in Vancouver at the second annual International Agricultural Risk, Finance and Insurance Conference.

The federal government is putting up $15 million to launch the program, which will encourage the development and adoption of new private sector or producer funded agricultural risk management tools.

The AgriRisk Initiatives (ARI) program will encourage industry-led research and development, as well as implementation and administration of new insurance-based tools for use in the agriculture, agri-food and agri-products sector.

ARI projects are intended to foster greater collaboration and partnership between agricultural stakeholder groups and the private sector. They will also aim to encourage the private sector financial services industry to participate by providing risk management tools to the agricultural sector.

The federal government says its accepting applications for ARI research and development project funding.

Through ARI, the federal government will allocate up to $3 million per year over five years to fund the projects on potential new, industry-led risk management products and services. Approved projects can be eligible for up to $500,000 in support per year.

Typical activities eligible for funding include:

• research and development costs
• data collection and analysis
• legal and actuarial costs
• consultations

For more information, visit: www.agr.gc.ca/agririsk