Pescanova Holdings of Namibia Ltd. - (II)

completed

Summary Of Project Information (SPI)Project NameNamibia-Pescanova IIRegionSub-Saharan AfricaSectorProject No007390Projected Board DateMay 28, 1996Company NamePescanova Fishing Industries of Namibia Ltd.Technical Partner and/or Major Shareholders The Company is currently wholly owned by Pescanova Spain, a global fishing company and frozen food manufacturer, traded publicly on the Madrid stock exchange.Project Cost Including proposed IFC investment US$9.8 million Proposed IFC Investment: US$4 million ‘A’ LoanLocation of project and Description of site The project facility is located in the town of Luderitz on the southern coast of Namibia.Description of Company and Purpose of Project The project will add 3 refurbished wetfish trawlers to the fleet, expand plant infrastructure and processing capacity and permit increases in working capital to match the increased volumes. Environmental Category and Issues This is a category B project according to IFC''s environmental review procedure. Environmental issues associated with the project include sustainable fish stock management, which is governed by a conservative quota system that is enforced by the Ministry of Fisheries with technical support from FAO. Liquid effluent from the plant will be treated with a screening system and all solids are processed in a fishmeal plant. The is available from the Public Information Center.Date SPI sent to PIC      April 23, 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).