Agriculture Financial Services Corporation will be able to borrow another $800 million so it can lend more to farmers, ranchers and value-added food production.
The province has set a goal of boosting agriculture and food production by $1.4 billion over the next four years and creating 2,000 new jobs in the sector. The new borrowing limit for AFSC will increase to $3.6 billion by 2024 (from the current $2.8 billion).
“Since we set those targets last fall, we’ve already achieved $527 million in new investment and created more than 981 new jobs in Alberta,” Agriculture Minister Devin Dreeshen said in a release.
The individual lending limit for ag businesses will also be doubled, to $30 million.