SolTuna is majority-owned and controlled (51.5%) by Tri-Oceanic Overseas Holdings, LLC (“TOOH”), an affiliate of Tri Marine (“Tri Marine” or the “Group”), which consists of a group of 41 privately-held entities that together, comprise one of the largest global tuna supply companies in the world. The other shareholders of the Company are Solomon Islands National Provident Fund (31.4%), Investment Corporation of Solomon Islands Limited (9.3%) and Provincial Executive of the Western Province (7.8%).

Total project cost is expected to be approximately US$31.0 million. IFC is considering an A loan for IFC’s own account totaling up to US$10.0 million.

10.0 million (USD)

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	10.0
Equity

* These investment figures are indicative

The Project will be located at SolTuna’s existing plant in Noro, Solomon Islands.

(i) Capturing more value in-country. IFC''s support is expected to substantially increase the amount of tuna that is processed onshore in Solomon Islands, thereby helping the country retain greater value-add from its own tuna resources and thus further benefitting the local economy.
(ii) Domestic food security. IFC''s involvement in the Project is expected to help contribute to domestic food security.
(iii) Job creation. The Project is expected to help create additional jobs and skills training in the broader fisheries and fish processing supply chain.
(iv) Generation of tax revenues. The Project is expected to generate additional tax revenues for the Solomon Islands government.

(i) Provision of long-term foreign currency financing. Without IFC, it is unlikely that SolTuna will be able to raise financing to complete the Project within the timeframe required and increase the Company''s processing capacity, thereby affecting the Company''s growth potential.
(ii) Stamp of approval. Having IFC as an investor in the Company may increase its credibility with other regional banks who have traditionally been reluctant to participate in the agribusiness and fisheries sector.
(iii) Enhanced environmental and social standards. IFC''s work with SolTuna and the Sponsor to ensure consistent outcomes with IFC''s Performance Standards on E&S Sustainability and the draft "principles of engagement" for tuna-related projects in the Pacific is expected to strengthen the Project''s E&S sustainability as well as provide reputational risk mitigation.
(iv) IFC/World Bank coordination and IFC Advisory Services / Investment Services approach. The World Bank Group''s combined offering of technical assistance to government, IC/C3P/SBA advisory services for the sector and for SolTuna, and IFC investment support all come together to strengthen the sector, the Project and the Company. Potential work around standards also strengthen sustainability aspects and provide reputational risk mitigation for the Project, the Sponsor, and IFC.

The key E&S issues reviewed during IFC''s appraisal of the proposed investment were as follows: supply chain - the sourcing and sustainability of the four target tuna species supplied (or to be supplied) by SolTuna''s primary supplier, NFD. This included assessment toward verification or certification for target fisheries and the national and regional regulatory oversight and management measures; labor and working conditions for SolTuna employees; construction impacts from the proposed upgrades to be financed, including any potential displacement through land lease or acquisition; emergency preparedness and response systems; monitoring and performance to date in terms of environmental, health, safety and social management and management of contractors and suppliers.



This is IFC’s first proposed investment in a project with a wild-catch fisheries component since the Performance Standards were introduced in 2006. Due to that precedent, the project has been classified as category A according to IFC’s 2012 Environmental and Social Review Procedure. Category A projects are defined as those which have business activities with potential significant adverse environmental or social risks and/or impacts that are diverse, irreversible or unprecedented.



In view of the complexity and challenges facing the Pacific tuna fisheries, the project team also developed a set of principles to guide its engagement with the Pacific Islands tuna sector where the intent is to support projects that will contribute to improving economic benefit to Pacific Island Countries and the long-term sustainability of the tuna resource. These are described further in the ESRS.

Please refer to the related Environmental and Social Review Summary (ESRS) document for this project.

Please refer to the Environmental and Social Action Plan (ESAP) tab in the related Environmental and Social Review Summary (ESRS) document for this project.