The Japan Bank for International Cooperation (JBIC) has proposed to finance the first ever urea fertiliser factory to be established in the northern part of Bangladesh.
If it is implemented, farmers of the country's biggest crop and vegetable hub will get hassle-free and timely delivery of the important agriculture input, officials said.
A high-powered visiting delegation from the financial institution put forward the proposal to Industries Minister Nurul Majid Mahmud Humayun at a meeting at the industries ministry on Tuesday.
They believed that establishment of such factory would be profitable as the demand for the fertiliser is on rise, said the officials who attended the meeting.
JBIC's new Director General for Energy and Power Finance Department Fumio Suzuki, adviser Yasuyuki Yamato, chief representative of Asia Pacific Yasuki Kominami, State Minister for Industries Kamal Ahmed Majumdar, Bangladesh Chemical Industries Corporation (BCIC) Director (Ccommercial) Amin Ul-Ahsan, among others, were present at the meeting.
The production capacity of the proposed factory will be equivalent to the under-construction Ghorasal Polash Urea Fertiliser Plant.
Members of the JBIC delegation said they always give top priority to environmental protection and updated technology while investing in a project.
When contacted, Rajiour Rahman Mollick, director of Ghorasal Polash Urea Fertiliser project, said a committee on the newly proposed project has started a pre-feasibility study in the northern part of the country.
"After 30 working days, they will submit the report to the BCIC," he said.
Based on the report, the authorities will launch final feasibility study. After that, they would start necessary works for the unit, said Mr. Mollick who was also present at the meeting.
When asked, he said Bangladesh imports Liquefied Natural Gas (LNG). If it continues, they will not face gas crises to run the factory.
He also said that the northern part of the country consumes the largest volume of fertiliser. So the factory has a potential in this region. Farmers will be benefited too through this project.
Earlier, the JBIC funded Karnaphuli Fertiliser Company Limited (KAFCO), DAP Fertiliser Project etc. Ghorasal Polash Urea Fertiliser project is also being implemented with the JBIC financing.
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