38435 - NFD Loan

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Summary of Investment Information

Project Number

38435

Company Name

NATIONAL FISHERIES DEVELOPMENTS LTD

Date SPI Disclosed

Feb 6, 2017

Country

Solomon Islands

Region

East Asia and the Pacific

Projected Board Date

May 8, 2017

Environmental Category

A - Significant

Status

Completed

Last Updated Date

Jun 12, 2021

Department

Regional Industry - MAS Asia & Pac

Industry

Agribusiness and Forestry

Previous Events

Approved : Jun 6, 2017
Signed : Jun 15, 2017
Invested : Aug 9, 2017

Sector

Fishing

Additional Project Attributes

Blended Finance

Project Description

National Fisheries Developments Limited (NFD or the “Company”), based in Noro in Solomon Islands’ Western Province, is Solomon Islands’ only domestic purse seine tuna fishing operation. NFD's owned fleet of seven fishing vessels (five purse seiners and two pole-and-line boats) operates in Solomon Islands' archipelagic waters and exclusive economic zone (EEZ). The proposed Project involves the purchase of an additional purse seine fishing vessel, increasing NFD's purse seine tonnage capacity by more than 50%.

Associated Advisory Engagement

IFC Advisory Services will be provided to NFD in order to develop and strengthen its Environmental, Occupational Health and Safety, and Social (Labor) policies and procedures.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	15.0
Equity

Development Impact

(i) Contribute to the sustainability of the Pacific tuna fishery in general, through compliance with IFC's principles for engagement in the Pacific tuna industry as well as improved fisheries management through mutually reinforcing World Bank and IFC Investment Services and Advisory Services projects.\r(ii) Improve the flow of benefits from the fishing industry to the local economy by substantially increasing the amount of tuna that is processed onshore, thereby retaining greater value add domestically.\r(iii) Contribute to domestic food security.\r(iv) Generate additional jobs for local fishermen as well as in the broader fisheries and fish processing supply chain.\r(v) Increase tax and other revenues to the Solomon Islands government.

(i) Provision of financing where it is not readily available. Without IFC, it is unlikely the Company would be able to complete the debt refinancing portion of the Project within the required timeframe, at a reasonable interest rate; (ii) Improved environmental and social outcomes. IFC will work with NFD to ensure compliance with IFC's Performance Standards on environmental and social sustainability, including improved working conditions; (iii) IFC / World Bank coordination and commitment, and IFC Advisory Services / Investment Services approach. The WBG's combined offering of technical assistance to government, potential advisory services for the fisheries sector and for NFD, and IFC investment support come together to strengthen the fishery sector, the Project and the Company. Potential work around voluntary wild catch standards (MSC) also strengthen sustainability aspects and provide reputational risk mitigation for the Project, the Sponsors and IFC.

E&S Category Rationale / Risks and Mitigation

While all of IFC’s Performance Standards (PSs) are applicable to this investment, IFC’s environmental and social due diligence indicates that this investment will have impacts which must be managed in a manner consistent with the following Performance Standards:

- PS1: Assessment and Management of Environmental and Social Risks and Impacts

- PS2: Labor and Working Conditions

- PS3: Resource Efficiency and Pollution Prevention

- PS4: Community Health, Safety and Security

- PS6: Biodiversity Conservation and Sustainable Management of Living Natural Resources

Issues related to PS5: Land Acquisition and Involuntary Resettlement, PS7: Indigenous Peoples and PS8: Cultural Heritage are not expected with this investment for the following reasons: there is no planned onshore operational expansion related to this investment; the populations of the Solomon Islands is indigenous, with no group identifying itself in a manner which would trigger PS7 for this project; no known cultural artifacts and/or property was identified as being impacted by the company’s operational footprint project in a manner which would trigger PS8. In the event that issues anticipated by these PSs arise, NFD will inform IFC. Screening and assessment of these issues against PSs requirements will be done through the proposed NFD’s EHS management system.

Contacts

For Inquiries About the Project, Contact

National Fisheries Developments
Mr. Frank Wickham
General Manager

fwickham@trimarinegroup.com
P.O. Box 717, Honiara, Solomon Islands
http://www.trimarinegroup.com

For Inquiries and Comments About IFC, Contact

General IFC Inquiries
IFC Communications
2121 Pennsylvania Avenue, NW
Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384

This Summary of Investment Information (SII) is prepared by IFC to disclose a factual summary of the main elements of the potential investment. Its purpose is to enhance the transparency of IFC’s activities. For any project documentation or data included or attached herein, whether prepared by the project sponsor or otherwise, authorization has been given for public release by the project sponsor. IFC considers that this SII is of adequate quality for release to the public, but has not necessarily independently verified all of the project information therein. It is distributed in advance of IFC Board of Directors’ consideration and may be periodically updated thereafter. Board dates are estimates only and this document should not be construed as presuming the outcome of the Board Directors’ decision. The following SII is disclosed in accordance with IFC's Access to Information Policy (AIP) that went into effect on January 1, 2012.

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