DHAKA, Dec 24, 2024 (BSS)- Bangladesh will import four lakh metric tons of Di-ammonium phosphate (DAP) fertilizer per year from Kingdom of Saudi Arabia (KSA) for next two years.

An press release of the agriculture ministry today said an agreement in this regard was signed between Saudi state owned company Ma’aden and Bangladesh Agricultural Development Corporation (BADC) in Riyadh on December 15.

A representative of Ma’aden which is the fastest growing mining companies in the world and BADC Chairman M Ruhul Amin signed the agreement on their respective sides.

Agriculture Secretary Dr Mohammad Emdad Ullah Mian also was present.

Under the agreement, the company will supply four lakh metric tons of DAP yearly and it will continue till 2026.

The Saudi company has agreed to supply the DAP fertilizer at least two dollar less than the average market price of US$ 745 per ton.

New concession will add with four dollar reduction of DAP price according to a previous agreement with Saudi Arabia making the total cut of price up to six dollars per ton, saving nearly Taka 28.80 crore annually from Saudi fertilizer import.

The Saudi company has agreed to impart training to the Bangladeshi farmers on optimum use of fertilizer and construct a fertilizer storehouse in Bangladesh.