Inter Sea Farms de Venezuela, C.A.

completed

The proposed Inter Sea Farms Venezuela (ISFV, comprising a joint venture company – Sea Farms International (SFI) and Interaqua) project consists of an integrated shrimp-farming operation near Maracaibo, that includes a shrimp hatchery, production ponds (2,500 ha) and a processing plant. The project is composed of two phases with phase one involving the expansion of the existing hatchery, the construction of about 1,000 ha of ponds, and all farm infrastructure and equipment. Phase two is to be implemented two-three years after phase one and consists mainly of the processing facilities and an additional 1,500 has of ponds. At full capacity, the project will generate employment for approximately 274 farm staff, 80 hatchery staff, and 500 processing plant staff. IFC financing will be based only in phase one assuming shrimp processing will be undertaken by third parties however, environmental and social appraisal has addressed both phases. As part of the development proposal, the sponsor has prepared and submitted an EIA for the project, which has been approved by Venezuelan authorities. At the end of 2004, the project consists of 600 ha of ponds.