USD 55M Indian loan for urea purchase

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The Indian Government has agreed to provide a USD 55 million loan through the Exim Bank of India to procure Urea for the upcoming Maha season.

It is expected to cultivate 800,000 hectares of paddy in the 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 Maha season.

Cabinet approved the 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 farmers. (TR)