Govt completes preparation for setting up urea factory in Sylhet

http://newagebd.com/newspaper1/business/39246.html

Govt completes preparation for setting up urea factory in Sylhet
Bangladesh Sangbad Sangstha . Dhaka

The government has completed its preparations to set up a new fertiliser factory in Sylhet with a daily production capacity of 1,760 tonnes.

The Chinese government has agreed to give $560 million in loan for the construction of $580-million Shahjalal Urea Fertiliser Factory, sources said.

The finance minister has already wrapped up negotiations with China on the loan package and sent a letter to the Chinese authorities in October for signing the loan agreement.

‘We’re hopeful about signing of the loan agreement with China very soon,’ a finance ministry official said, adding that construction of the factory will begin immediately after signing of the agreement.

The government has already signed a commercial contract with the Chinese firm Complant for the construction of this gas-based fertiliser factory that is expected to be completed by February 2015.

Out of the total $580 million cost, the Chinese government will provide a total of $560 million, including $235 million concessional credit, while the Bangladesh government will provide about $20 million.

As per the terms and conditions, Bangladesh will appoint a company selected by China for

the supply of machineries and construction of the factory.

As an agriculture-based country, the country needs around 4 million tonnes of fertiliser annually for crops farming.

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