NovaNam Limited III

completed

The projects consists of the acquisition and upgrade of additional trawlers and upgrading of the processing plant in NovaNam, a hake fishing and processing company in Lüderitz, Namibia. Total project cost is US$10 million, IFC would provide a US$5 million equivalent South African Rand loan to NovaNam Ltd. The loan would be guaranteed by NovaNam''s mother company Pescanova, Spain. Grupo Pescanova is the market leader in Spain with consolidated group sales of US$667 million and a net worth of US$ 171 million (end of 2000). The investment in trawlers will enhance the company''s ability to catch its full quota. Improving layout of the plant will improve processing capacity, efficiency, yields, quality and margins. The project follows a US$13.5 million expansion that the company undertook in 1994, partially financed with an IFC loan of US$6.5 million. In 1996 a further US$10 million expansion attracted a US$5 million IFC loan. Repayments of loans I and II have been timely.