AEF Societe d'Exploitation des Ressources Thonieres (SERT S.A.)

completed

Summary Of Project Information (SPI)Project NameSenegal-SERT SARegionSub-Saharan AfricaSectorProject No007175Projected Board DateNovember 15, 1995Company NameSociété d’Exploitation des Ressources ThonnièresTechnical 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, 1995For 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).