Under the provisions of the Contract, Sri Lanka agreed to purchase 25,000 metric tons of non-fragrant, par boiled, coarse rice from Bangladesh to overcome the rice shortage caused by the drought situation affecting the harvest earlier this year in Sri Lanka. Hon. Qamrul Islam, Minister of Food of Bangladesh, Mr.A.G Abeysekera, Actg.High Commissioner of Sri Lanka and Mr. A.M Attapattu, Director General, Ministry of Finance witnessed the signing of the Agreement which took place at the Ministry of Food of Bangladesh.

On the directive of H.E Sheikh Hasina, Prime Minister of Bangladesh, the Government of Bangladesh lifted the restriction on the export of rice to accommodate the request from the Government of Sri Lanka in September 2014 and a delegation from the Ministry of Finance of Sri Lanka which visited Bangladesh in early October 2014 to negotiate terms for the procurement process. It will be the first time in the history of Bangladesh that it has decided to export rice to any foreign country.