India agrees to provide USD 55mn loan through Export-Import Bank to procure Urea

The Government of India has agreed to provide a $ 55 million loan through the Export-Import Bank of India for the procurement of Urea for the 2022/23 Maha season.

It is expected to cultivate 800,000 hectares of paddy in the 2022/23 Maha season and estimated that 150,000 metric tons of Urea, 45,000 metric tons of Muriate of Potash (MOP), and 36,000 metric tons of Triple Super Phosphate (TSP) are required for paddy cultivation for the 2022/23 Maha season.

Meanwhile, the Cabinet of Ministers has approved a proposal presented by the Minister of Agriculture to import the relevant quantities of fertilizer by Ceylon Fertilizer Company Limited and Colombo Commercial Fertilizer Company Limited and distribute them to the farmers.