GPUFP clarification

Ghorashal Palash Urea Fertilizer Project (GPUFP) authority has clarified its position regarding a report published in July 14 issue of The Financial Express under the headline 'Mega urea project at Ghorasal: Foreign funding hits snag on guarantee agency's objection'.

A statement issued by the project director Md. Rajiour Rahman Mollick says 'the news may confuse the readers about the guarantee agency's support and their way of processing'.

It said GPUFP is taking loan from the NEXI-backed Japan Bank for International Cooperation (JBIC) and MIGA-backed MUFG and HSBC.

MIGA is concerned about environmental issues. As such they have asked BCIC to provide different data related to environment. BCIC has provided all relevant data to MIGA. Now, MIGA is processing the support activities for signing the loan agreement to the World Bank procedure, the statement said.

"Everything is going as per the prescribed procedure of project implementation process. BCIC is working closely with all concerned and BCIC's only intention to complete the project on time that is by June 2022," it added.