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China to Provide Loan for Fertilizer Plant in Bangladesh
Bangladesh will receive a soft loan of US$ 53.29 million from the Chinese government and a Chinese company to implement a fertilizer project in Chittagong, the second largest city in the country, according to a contract signed Thursday.
Under the contract signed between China National Complete Plant Import and Export Corporation Limited (COMPLANT) and Bangladesh Chemical Industries Corporation, the Chinese government will provide an interest-subsidized preferential loan of 200 million RMB yuan (US$ 24.18 million), and the COMPLANT will provide US$ 29.11 million on seller's export credit.
The di-ammonium phosphate fertilizer plant with a production capacity of 240,000 tons annually to be constructed in the end of this year is expected to go into operation in 30 months.
When meeting with the COMPLANT leaders after the signing of the contract, Bangladeshi Industries Minister Tofail Ahmed hoped China could provide more cooperation and help in the agricultural field.
Referring to the fertilizer plant, the minister said Bangladesh is eager to see the project be implemented as soon as possible to meet future fertilizer needs.
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