This presentation provides a snap-shot of credit delivery in a liberalizing market for fertilizer. For seven years prior to the study that it is based on, the Government of Bangladesh, with assistance from the US Agency for International Development1, had been taking steps to extricate public agencies from their central roles in importing and distributing fertilizer and to allow a larger role for private enterprises in these activities. These were central goals of the second Fertilizer Distribution Improvement Project (FDI II).