ISLAMABAD: The Trading Corporation of Pakistan (TCP) signed an agreement with the Saudi Arabia Basic Industries Corporation (SABIC) on Wednesday for the supply of approximately 200,000 tonnes of urea fertilizer to Pakistan.
This urea will be supplied under a $100 million credit facility provided to Pakistan by the Saudi Fund for Development, and shipments under this agreement will start arriving in Pakistan within this month, TCP said in a statement.
“The urgent procurement reflects government's keenness to ensure timely and widespread availability of urea to growers in the country,” the statement said.
Agriculture is the mainstay of Pakistan's fragile economy. Cotton and textiles account for more than 50 per cent of the country's total exports.
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