PRINCE EDWARD ISLAND, CANADA — The government of Prince Edward Island has issued a C$9.2 million repayable loan through Finance PEI to PEI Grain Elevators Corp. The funds will be used to increase the corporation’s three grain elevators capacity and efficiency, decrease off-island storage costs, and better serve customers.
“We are very excited to announce the new financing for the grain elevators, which is a tremendous example of the strength and growing potential of our grain industry on Prince Edward Island,” said Agriculture and Fisheries Minister Robert Henderson. “It demonstrates our dedication to our farmers, our people, our products, and our province.”
The grain elevators are located in Kensington, Elmsdale and Roseneath.
“The Grain Elevators Board is very excited to accept this funding from the government and use it to expand its service to the farmers of PEI,” said Alvin Keenan, chair of the GEC. “This expansion will enable the GEC to access and service markets more efficiently and help the agriculture grain and oilseed industry grow sustainably.”
Established in 1971 by a Provincial Order in Council, The PEI Grain Elevators Corp. provides commercial grain handling and logistics, marketing (both pool and open market) and value-added services to farmers. It also offers growers access to cost effective storage infrastructure, crop risk management tools and business relationships with end use customers in all three of the domestic, regional and international marketplaces. The three elevator facilities operating across Prince Edward Island have a combined storage and handling capacity in excess of 32,000 tonnes.