A new £46m Agri-Food Investment Initiative (AFII) has been launched by Economy Minister, Conor Murphy, which aims to improve the competitiveness and productivity of agri-food and drink processors in NI.

Developed by Invest NI, the scheme will be open for applications until the end of 2025. Small businesses can receive grant aid up to a maximum of 35% of eligible costs, with the minimum project size set at £300,000.

The grant rate for medium-sized businesses is 25%, while large companies (over 250 employees) can receive grants of up to 20% of eligible costs. The minimum project size is £1m.

Eligible costs include the purchase of machinery and equipment, as well as acquisition or development of computer software. However, building works are generally not included, although some minor works when installing equipment may be considered.

The new scheme has been welcomed by the president of the Ulster Farmers’ Union, William Irvine.

“We have been supportive of an initiative like this for some time, as it will put NI on a more level footing with competitors in the Republic of Ireland and Britian.

“It will also have positive knock-on effects for our rural communities and farming industry,” he said.