$537m Chinese soft loan for Shahjalal Fertiliser Factory
Thursday, 17 June 2010
FE Report
The Chinese government will provide $537 million soft loan for setting up proposed Shahjalal Fertiliser Factory.
"We are hopeful to sign a Memorandum of Understanding (MoU) in this regard by September," Industries Minister Dilip Barua said after a meeting with a delegation of China led by Zou Baozhong, chairman of China National Complete Plant Import and Export Corporation Limited at the secretariat office Wednesday.
After signing the MoU, the project would be launched from this year under a commercial accord between the two countries, the minister added.
The project will have a lasting impact on boosting country's agricultural productivity and socio-economic development, Mr Zou told reporters after his meeting with the Industries Minister Dilip Barua.
Earlier, a framework deal of $234 million was signed during the Prime Minister's visit to China. The Shahjalal Fertiliaer Factory, to be located at the Natural Fertiliser Factory Area under Fenchuganj Upazila of Sylhet district, would be implemented at a total cost of $771 million.
Chairman of Bangladesh Chemical Industries Corporation (BCIC) KH Masud Siddique and Secretary of Ministry of Industries Dewan Zakir Hossain were present, among others, in the meeting.
Officials said the four-year project would be completed by 2014 and the factory would produce nearly 1,750 tonnes of fertiliser per day and 5,77,500 tonnes of urea fertiliser per year.
Environment-friendly and energy-efficient technologies would be adopted to build the proposed fertiliser factory, officials said.
The BCIC took the initiative 10 years back to construct the factory to meet the growing demand for the soil nutrient.
The Chinese government will provide $537 million soft loan for setting up proposed Shahjalal Fertiliser Factory.
"We are hopeful to sign a Memorandum of Understanding (MoU) in this regard by September," Industries Minister Dilip Barua said after a meeting with a delegation of China led by Zou Baozhong, chairman of China National Complete Plant Import and Export Corporation Limited at the secretariat office Wednesday.
After signing the MoU, the project would be launched from this year under a commercial accord between the two countries, the minister added.
The project will have a lasting impact on boosting country's agricultural productivity and socio-economic development, Mr Zou told reporters after his meeting with the Industries Minister Dilip Barua.
Earlier, a framework deal of $234 million was signed during the Prime Minister's visit to China. The Shahjalal Fertiliaer Factory, to be located at the Natural Fertiliser Factory Area under Fenchuganj Upazila of Sylhet district, would be implemented at a total cost of $771 million.
Chairman of Bangladesh Chemical Industries Corporation (BCIC) KH Masud Siddique and Secretary of Ministry of Industries Dewan Zakir Hossain were present, among others, in the meeting.
Officials said the four-year project would be completed by 2014 and the factory would produce nearly 1,750 tonnes of fertiliser per day and 5,77,500 tonnes of urea fertiliser per year.
Environment-friendly and energy-efficient technologies would be adopted to build the proposed fertiliser factory, officials said.
The BCIC took the initiative 10 years back to construct the factory to meet the growing demand for the soil nutrient.