AEF Sea Harvest (Pty) Limited

completed

Summary Of Project Information (SPI)Project NameSeychelles-Sea Harvest Company (PTY) Limited     RegionSub-Saharan AfricaSectorProject No007396Projected Board DateMay 20, 1996Company NameSea Harvest Company (PTY) LimitedTechnical Partner and/or Major Shareholders The company is owned jointly (1/3 share each) by Mr. and Mrs. Michael Mason, who are major entrepreneurs in Seychelles, and are involved in tourism, marine chandlery and maintenance, and by Mr. Guy Savy, who is involved in insurance, trading and agencies.Project Cost Including proposed IFC investment Total project cost is estimated at US$2.5 million equivalent. IFC have been asked to provide a loan of US$1 million equivalent.Location of project and Description of site The project’s on-shore facilities are located at Victoria Harbour.Description of Company and Purpose of Project The project involves the acquisition of four long-line fishing vessels to catch swordfish and tuna within Seychelles waters. The vessels will be supported by shore facilities, including an ice plant and cold rooms, where the fish will be gutted and prepared for export markets. The project initiates the development of a premium niche in the Seychelles fishing sector, namely the processing of chilled fish for export to Europe and Japan. Exporting chilled (as opposed to frozen or canned) fish adds more value for the Seychellois economy. Successful implementation of this project could lead to a demonstration effect and encourage other businesses to switch to this higher value-added technology. The project also increases employment, provides worker training, and introduces higher safety and hygiene standards.Environmental Category and Issues This is an environmental review category B project. Environmental and occupational health and safety issues include sustainability of fish stocks, solid and liquid waste disposal (including bilge waste), safety at sea (employee training and provision of safety equipment), on board CFC-free cold storage, provision of personal protective equipment, general housekeeping and plant hygiene, compliance with all applicable WMO and international maritime requirements, fuel storage, recycling/disposal of used motor fluids and oils, and employee training and fire safety. The sponsor has submitted information addressing these issues. The is April 20, 1996 from the Public Information Center.Date SPI sent to PIC March 27, 1996For Additional Information contact: Corporate Relations Unit -telephone: (202) 473-7711facsimile: (202) 676-0365Environmental 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).