The Caisse de dépôt et placement du Québec has created a $125-million fund to invest in Quebec’s agricultural and food sector.
The fund will go towards direct investments of up to $30 million that span the agricultural sector, including production, food processing, distribution and marketing. It will target companies seeking to accelerate their growth and farmers who operate family businesses.
“This is a sector with strong growth potential for Québec. It has all that’s needed to succeed, both at home and in global markets, which are becoming increasingly competitive,” said Christian Dubé, executive vice-president for Québec at the Caisse, in a news release. “For la Caisse, it’s important that both today’s farmers and their successors, as well as companies in the processing, distribution and marketing segments, be well positioned to compete and face the challenges in this sector.”
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The Caisse’s strategy includes supporting young farmers and entrepreneurs and improving access to equipment. “This plan is fully aligned with la Caisse’s business strategy in Québec. Agri-food is a complex, diverse and cutting-edge sector that requires a long-term, viable business environment tailored to its distinctive features, particularly to foster development, innovation and business transfers to the next generation.”
The agricultural and food sector adds close to $22 billion to Quebec’s gross domestic product annually, accounts for approximately 500,000 jobs and exports more than $7.5 billion of the province’s production, according to the Caisse.
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According to the Caisse, expected global population growth will require food production to increase by almost 70 per cent between now and 2050.