BREAKING NEWS
Major blaze at Auckland plastics factory; trains stopped, 100 firefighters at scene ... Read more
Close

Government to finance irrigation

HAMISH RUTHERFORD
Last updated 14:45 23/01/2013

Relevant offers

Politics

Helen Clark continues to lag in new straw poll on next United Nations chief South Auckland motel residents 'pressured out' despite promises, tenant says PM Key looking to underdog Trump to beat expectations in first debate with Clinton Greens won't stand candidate in any Mt Roskill by-election Calls for crack down of Destination Wellington 'slush fund' from within council BMW and Charge Net to create 'electric highway' in NZ by 2018 My open letter to MP Louise Upston about dangerous dogs Neil Quigley replaces Rod Carr as chairman of the Reserve Bank of New Zealand John Key promotes Helen Clark. Andrew Little distances himself from her views. Say what? Student loan defaulters break $1b mark

Up to $80 million is being earmarked for bridging finance for large-scale irrigation schemes in the next financial year, with the Government expecting its consider its first application within 12 months.

In 2011 the Government signalled it would spend up to $400m to provide finance for "regional-scale" irrigation schemes, in a bid to encourage investment from the private sector.

In its first meeting of 2013 today, the Cabinet directed that $80 million be set aside from 2013 from a company set up to encourage the investment.

"The development of well-designed storage and irrigation infrastructure has the potential to deliver significant economic growth for our primary industries and support new jobs, which will have a flow-on effect for all New Zealanders," Primary Industries Minister David Carter said.

"A number of groups are developing proposals for these larger, regional-level schemes, and the Government expects to consider at least one proposal in the next 12 months."

Carter said that because the type of investment in large irrigation schemes was new for private investors "it is appropriate for the Government to take a bridging investment role to ensure the right projects can get under way".

He said the Government would be a minority shareholder in any such scheme, and planned to make the investment only for a short time.

Ad Feedback

- Stuff

Special offers
Opinion poll

Should the speed limit be raised to 110kmh on some roads?

Yes

No

Vote Result

Related story: 110kmh limit moves closer

Featured Promotions

Sponsored Content