The Commercial Bank of Ethiopia (CBE) announced that it has spent over than 50 billion Birr to purchase fertilizer required for coming farming season in line with the policy of the government working extensively to enhance agricultural productivity, President of the Bank said.
CBE President Abe Sano told ENA that the conflict between Russia and Ukraine, which are the major producers of fertilizer, has resulted in the soaring of prices and shortage of fertilizer.
Other fertilizer producer countries have also faced challenges of market due to the conflict, he stated, adding that the price of one tone of fertilizer in the international market had doubled from 700 USD before the conflict.
The current price of fertilizer in the international market has increased by four fold when compared to that of last year.
According to the president, agriculture is one of the sectors that the bank allocates the highest expenditure and fertilizer takes the highest share.
Despite the soaring price of fertilizer in the international market, the Commercial Bank of Ethiopia has decided to purchase fertilizer by diverting budgets allocated to other matters too and spent over 50 billion Birr to purchase fertilizer for the upcoming farming season, the president elaborated.
“This year we have spent one billion USD to purchase fertilizer. Earlier 21 or 22 billion Birr was enough. This is really huge in terms of resource.”
The president said the fertilizer purchased through huge effort from the international market is arriving.
Source: Ethiopia News Agency