Dhaka, Bangladesh (CWBN)_Saudi Arabia’s Ma’aden, the largest multi-commodity mining and metals company in the Middle East, has signed an agreement to supply phosphate fertilizer to the Bangladesh Agricultural Development Corporation (BADC) for the year 2021.
According to a statement issued by the Saudi Press Agency on Wednesday (Dec 30), Ma’aden will supply Di-ammonium Phosphate Fertilizer (DAP) to BADC, which will enable local farmers to make the most of their crops, and will make a significant contribution to stabilise food supply in the country.
The company’s CEO Mosaed Al Ohali said Ma’aden plays an essential role in achieving Saudi Arabia’s Vision 2030, and is in a strong position to serve the growing need for fertilizer products globally. Accordingly, Ma’aden aims to reach a production capacity of 9 million tonnes of phosphate fertilizers by 2025, he said.
In a bid to expand its reach in sub-Saharan Africa, last year, the company acquired the fertilizer distribution company Meridian Group, which operates across Zambia, Mozambique, Malawi and Zimbabwe.
The BADC, on the other hand, is state-owned company that works under the umbrella of the Ministry of Agriculture in Dhaka, which manages agricultural imports in Bangladesh.