Deal inked with China company

http://www.theindependentbd.com/business/others/84223-deal-inked-with-china-company.html

Deal inked with China company
Author / Source : STAFF REPORTER

DHAKA, DEC 11: Aiming to establish the proposed Shahjalal Fertiliser Factory with the financial support of China, a commercial loan agreement was signed between Bangladesh and China on Sunday.

This is the largest project in foreign investment taken up by the present government. Md Golam Rabbani, chairman of Bangladesh Chemical Industries Corporation, Zou Baozhong, chairman of China National Complete Plant Import and Export Corporationa Ltd. (COMPLANT), its vice-president Li Fengwei, and Cao Guang, chairman of Chengda, inked the deal at the BCIC conference room in the city.

Industries minister Dilip Barua, industries secretary KH Masud Siddique, Chinease ambassador to Dhaka Zhang Xianyi and high officials of the ministries of industries and planning, BCIC and China Embassy also attended the signing ceremony.

The establishment cost of the proposed fertiliser factory would be Tk 5409 crore. Of which, Tk 3987 crore and the rest Tk 1422 crore would be supplied by the government of China and Bangladesh repectively.

Exim Bank of China will provide the credit assistance at 2 per cent interest rate which will have to be repaid within 20 years.

Daily 1760 tonnes and annually 580800 tonnes of uria will be produced in the proposed factory. Besides, daily 1,000 tonnes and annully 330000 tonnes of amonia will be produced. As per the agreement, the COMPLANT will hand over the complete factory to the BCIC within 38 months on productive conditions.

During this time, the Chinese company will have to finish some other different activities, including development of necessary land, soil test, utility services and training of BCIC’s workforce.