DHAKA - The Bangladeshi government on Monday awarded a Chinese firm a 54.09-billion-taka($721.2-million) project to build a heavy fertilizer factory in the country's Sylhet district, some 241 km northeast of capital Dhaka.

The South Asian country's cabinet committee on purchase approved the China National Complete Plant Export & Import Corporation Limited's bid to implement the project, which is to begin in January 2012 and be completed by June 2015.

On Dec 1, Bangladesh's highest economic policy-making body, the Executive Committee of the National Economic Council, approved the 54.09-billion-taka project of setting up Shahjalal Fertilizer Factory in Fenchuganj, Sylhet, of which 73 percent will be provided by China.

The country's Planning Ministry has said that the Chinese government and China Exim Bank would provide 39.86 billion taka for the project as a concession loan with an interest rate of 2 percent and the amount has to be repaid in 20 years.

On completion of the project, it said the factory would produce 1,760 tones of urea every day.