Summary of Proposed Investment
Project Number
7175
Company Name
Société d'Exploitation des Ressources Thoniéres
Date SPI Disclosed
Sep 15, 1995
Country
Senegal
Industry
Agribusiness and Forestry
Status
Completed
Sector
Seafood Product Preparation and Packaging
Department
Gbl Ind, Manufact, Agribus & Services
Environmental Category
B - Limited
Previous Events
Approved : Apr 12, 1996
Signed : Apr 22, 1996
Invested : Oct 3, 1996
Project Description
Summary Of Project Information (SPI)
| Project Name | Senegal-SERT SA |
| Region | Sub-Saharan Africa |
| Sector |
Projected Board DateNovember 15, 1995
Company NameSociété d’Exploitation des Ressources Thonnières
Technical Partner and/or Major Shareholders
Mr. Saer Seck, a Senegalese national, is the main promoter of the project. He will own 47% of the shares. SENINVEST, a venture capital company in Senegal, would own 20% and IFC 33%.
Project Cost Including proposed IFC investment
Total project cost is estimated at CFA 1.5 million (US$3.0 million equivalent) and IFC has been asked to provide a venture loan of US$900,000 and equity of US$300,000 equivalent.
Location of project and Description of site
The proposed project, to be located at the Port Autonome de Dakar, aims to develop a small local fleet by acquiring, rehabilitating and transforming two 33-meter seiners into Pole and Line fishing vessels, which is considered to be a more efficient method of fishing than seiners.
Description of Company and Purpose of Project
The Company intends to purchase two seiners, rehabilitate and transform them into Pole and Line (P&L) tuna fishing vessels. The Company is expected to catch 2,500 t.p.a. of tuna, to be frozen on board, and then sold locally to canning industries or be exported.
Environmental Category and Issues
This is an environmental review Category B project. Key environmental issues that are of potential concern include sustainability of fish stocks, solid waste disposal, and personnel safety. The fishing technique is selective and dolphin friendly. The sponsors are required to submit an environmental management plan addressing the issues listed above.
The is from the Public Information Center.
| Date SPI sent to PIC | September 18, 1995 |
For Additional Information contact: Corporate Relations Unit -
telephone: (202) 473-7711
facsimile: (202) 676-0365
Environmental documents for this project are available at http://www.ifc.org and from the World Bank InfoShop (http://www.worldbank.org/html/pic/aboutinfo.html).
Sponsor / Cost / Location
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