SEF Companhia de Pescas da Zambezia, lda

completed

SUMMARY OF PROJECT INFORMATIONProject Name Mozambique-Companhia De Pescas Da Zambezia, LimitedSector Fishing and Fish ProcessingRegion Sub-Saharan AfricaProject No 008021Projected Board Date April 30, 1997Company Name Companhia de Pesca da Zambezia, Lda (CPZ)Description of Company and Purpose of Project: CPZ was created in 1995 and specializes in off-shore fishing. The project will have an on-shore facility to process fish, lobster and crabs purchased locally. The processing of shrimp and deep sea shrimp (gamba) will be on board of Zambeze, a 56 meter boat equipped with cold rooms and ice makers. Two containers will be located in the port of Quelimane to store the processed product which is prepared for export.Technical Partner and/or Major Shareholders: The shareholders of CPZ are Finage-Mar and Mar-Azul, both registered in Mozambique. Finage-Mar is owned by: (i) Carlos Contreiras, a retired Portuguese Admiral; (ii) Cipros Lda, an investment firm; and Jorge Correia, a Mozambican Mechanical Engineer. Mar-Azul is owned by: (i) Sailor, Lda, a Latvian fish broker; (ii) Iossif Chik, a Russian citizen; and (iii) Aleksey Paltchevesky, also a Russian citizen. The two companies have been involved in fishing activities for more than five years using leased boats. Finage-Mar will control the management and Mar-Azul will handle the production and will have equal shareholding in CPZ.Project Cost Including Proposed IFC Investment: The project is estimated at US$3.503 million and IFC has been requested to provide a loan of US$1.3 million.Location of Project and Description of Site: The project will have an on-shore facility in Pebane, Zambezia. The population in the district of Pebane is more than 100,000 and fishing is the principal source of employment.Development Impact: The project will provide employment to about 143 people and will generate foreign exchange revenue for the country.Environmental Category and Issues: This is a category B project according to IFC’s environmental review procedure. Key environmental, health and safety issues being analyzed include sustainable fishing, protection of sensitive reef ecosystems, liquid and solid waste disposal, recycling/disposal of used motor fluids and oils, use of non-CFC refrigerants in cold rooms, processing facility hygiene and housekeeping, provision of employee personal protective equipment, emergency preparedness and employee training, fire protection, fleet safety and maintenance, and compliance with all applicable local and international laws. The sponsor is preparing an environmental management plan for the project, which is expected to be submitted in early March. IFC will ensure ongoing compliance with World Bank guidelines during the life of the project by evaluating monitoring reports submitted annually to IFC by the sponsor, and by conducting periodic supervision visit. The ERS for the project is expected to be released to the PIC on or about the third week of March.Date SPI Sent to PIC: March 19, 1997For additional information contact: Corporate Relations Unit -telephone: (202) 473-7711 - facsimile: (202) 974-4384 Environmental 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).