PROJECT

Projects

Summary of Proposed Investment

Project Number

7605

Company Name

Mayo Fish S.A.

Date SPI Disclosed

May 16, 1996

Country

Mauritania

Industry

Agribusiness and Forestry

Status

Completed

Sector

Seafood Product Preparation and Packaging

Department

Regional Industry - MAS Africa

Environmental Category

B - Limited

Previous Events

Approved : Jun 25, 1996
Signed : Jan 9, 1997
Invested : May 15, 1997

Project Description

SUMMARY OF PROJECT INFORMATION (SPI)


Project Name: Mauritania-Mayo Fish

Region Sub-Saharan Africa

Sector Fishing Operations and Fish Processing

Project No 007605

Projected Board Date June 16, 1996

Company Name MAYO FISH

Technical Partner/ Major Shareholders

Messrs. Ahmedou Taffa and Abdoul Aziz Wane, both Mauritanian nationals, are the sponsors of the project. They have a rich experience in the fish industry and will each control 43% of the company’s capital. The remaining 14% will be owned by family members.

Project Cost Including Proposed IFC Investment

Total project cost is estimated at US$0.73 million equivalent. IFC has been asked to provide a venture loan of US$0.29 million equivalent, representing 40% of total project cost.

Location of Project and Description of Site

The fish processing plant will be located in Nouakchott, not far from the artisan fishing zone. It will be built on land owned by the company.

Description of the Company and Purpose of the project

The project consists of fishing operations and fish processing. The acquisition of two small fiberglass boats, with a capacity for a weekly catch of 3 to 6 tons of fish per boat, will allow for semi-industrial fishing. The projected annual catch of 500 tons necessary for the production of 450 tons of high value export products should be readily attainable. However, in case of shortfalls, the balance would be bought from local fishermen at going market rates. Fish processing will take place in a small facility, with a capacity of 600 tons per annum, built under the project and responding to European Union norms. The proposed loan will enable IFC to help local entrepreneurs become more active in a sector that has traditionally been dominated by foreign fishermen. IFC’s investment will help establish a small but well structured indigenous company that will use labor-intensive technology to produce high quality, high value fish. IFC’s presence will also enable MAYO FISH to obtain loan funds from local banks which are usually reluctant to finance start-up companies.

Project Development Effects : The project will have considerable developmental impact especially in terms of helping Mauritanian entrepreneurs improve their competitiveness in an industry that contributes highly to the country’s overall economy. The project also supports the government’s initiatives in developing the artisan fishing zone, which promotes semi-industrial fishing techniques having a less destructive ecological impact. Finally the project has example value as it will help build a plant which responds to all EU norms, something that is not at the present time widely spread in Mauritania.

Environmental Category and Issues

This is an environmental review category B project. Environmental, health and safety issues associated with the project include recycling/disposal of used motor fluids and oils, fire protection, safety at sea, solid and liquid waste treatment and disposal, CFC-free storage, provision of personal protective equipment, general housekeeping and plant hygiene, and compliance with all applicable Mauritanian maritime requirements. The sponsors have submitted information addressing the issues listed above. Subject to completion of review of this information, an ERS will be drafted for release to the PIC.

The Environmental Review Summary is expected to be available on or around 21 May, 1996 from the Public Information Center.

Date SPI sent to PIC May 16, 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