The European Commission has approved the Rural Development Programme (RDP) 2014-2020 for Northern Ireland, enabling up to £623m of funding to become available in the sector.
Agriculture Minister Michelle O'Neill has welcomed the news.
She said it would help improve farming businesses, protect the environment and support rural development projects.
Ms O'Neill said it was especially important when all sectors of the industry were experiencing difficulty.
"This is very positive news, not just for our rural communities, but for everyone in the north of Ireland," she added.
"The new Rural Development Programme will provide opportunities for our rural communities and farm.
"I'm confident that every single penny allocated as part of this programme will go towards creating rural jobs, developing our rural infrastructure and investing in the future sustainability of the farming industry.
Competitiveness
"The programme will also provide fantastic cross-border initiatives focusing on tourism and further integrating border communities."
In July 2014, Executive approval was granted for the Rural Development Programme containing support worth up to £623m.
This consisted of:
Up to £257m for improving the competitiveness of the NI farm and agri-food businesses, including up to £220m for a farm business improvement scheme
Up to £249m for protecting and enhancing our natural environment, including £100m for an environmental farming scheme
£80m for broader rural development measures, including £70m of support delivered through local action groups
Ulster Unionist MEP Jim Nicholson welcomed the funding approval, saying: "It is now important that the various schemes within the programme are rolled out as quickly and effectively as possible so that the benefits can be felt on the ground - especially by our farm businesses and families given the difficulties currently facing the agricultural industry."
Rural Development Programme: EC approves £623m funding boost for agriculture