Summary of Proposed Investment
Project Number
7390
Company Name
Novanam Limited
Date SPI Disclosed
Apr 23, 1996
Country
Namibia
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 : Jun 28, 1996
Signed : Sep 16, 1996
Invested : Nov 8, 1996
Project Description
Summary Of Project Information (SPI)
| Project Name | Namibia-Pescanova II |
| Region | Sub-Saharan Africa |
| Sector |
Projected Board DateMay 28, 1996
Company NamePescanova Fishing Industries of Namibia Ltd.
Technical Partner and/or Major Shareholders
The Company is currently wholly owned by Pescanova Spain, a global fishing company and frozen food manufacturer, traded publicly on the Madrid stock exchange.
Project Cost Including proposed IFC investment
US$9.8 million
Proposed IFC Investment: US$4 million ‘A’ Loan
Location of project and Description of site
The project facility is located in the town of Luderitz on the southern coast of Namibia.
Description of Company and Purpose of Project
The project will add 3 refurbished wetfish trawlers to the fleet, expand plant infrastructure and processing capacity and permit increases in working capital to match the increased volumes.
Environmental Category and Issues
This is a category B project according to IFC''s environmental review procedure. Environmental issues associated with the project include sustainable fish stock management, which is governed by a conservative quota system that is enforced by the Ministry of Fisheries with technical support from FAO. Liquid effluent from the plant will be treated with a screening system and all solids are processed in a fishmeal plant.
The is available from the Public Information Center.
| Date SPI sent to PIC | April 23, 1996 |
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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