The "open for business" status of the Irrigation Acceleration Fund marks a new era for community irrigation infrastructure development in New Zealand, Irrigation New Zealand says.
The fund, which was announced in last year's Budget, provides a total pool of $35 million over five years to support the development of irrigation proposals to the "investment ready" prospectus stage.
New Zealand Institute of Economic Research research suggested the fund could support new irrigation for 340,000ha, which could boost exports by $1.4 billion a year by 2018, rising to $4 billion a year by 2026.
The Government will contribute up to 50% through the fund to successful proposals.
Applications will be assessed by the Ministry of Agriculture and Forestry, with input from a panel of independent experts, while final decisions will be made by Maf director-general Wayne McNee.