The Irish dairy sector could benefit from up to €300 million in investment over the next three years, it was announced today.
The funding package will include €100 million Government grant aid and €200 million from the private sector and is designed to act as a catalyst for the future of the industry.
Minister for Agriculture Mary Coughlan said she believed it can take the dairy sector forward in a cohesive and strategic manner and will lead to its sustained development.
The package will enable the State, through Enterprise Ireland, to provide financial assistance in support of capital investment into the marketing and processing of dairy products.
Support will be available toward the cost of construction and acquisition of buildings, new machinery and equipment, and associated costs.
"This much needed injection of capital, with direct support from the Government, will reinvigorate the sector and will go a long way toward realising my commitment to the development of a modern, competitive, innovative market focused and highly efficient food sector in Ireland," Ms Coughlan said.
The Minister said that there has been a positive response from the sector to this initiative.