Sustainable Food and Fibre Futures (SFF) has been officially launched by Agriculture Minister Damien O'Connor.
It had been created from ''the best of'' two Ministry for Primary Industries (MPI) investment programmes - the Sustainable Farming Fund and the Primary Growth Partnership, Mr O'Connor said in a statement.
When he was previously in opposition and Labour's primary industries spokesman, Mr O'Connor was a vocal opponent of primary growth partnerships (PGP) and, in late November, he called for a review of the PGP.
Yesterday, Mr O'Connor said SFF Futures - which had a budget of $40 million a year - would provide a single gateway for farmers and growers to apply for investment in a greater range of projects that delivered economic, environmental and social benefits that flowed through to all New Zealanders.
''The food and fibre industries are the backbone of New Zealand's economy, delivering more than $42billion in export revenue last year, and the ... Government wants to help extract more value from what they already do, in a sustainable way that means our natural resources will be there for future generations.