NFD Loan (IFC-38435)

Countries
  • Solomon Islands
Where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Bank Risk Rating
A
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Jun 6, 2017
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
National Fisheries Development Ltd
The holder of the loan, grant, or other investment.
Sectors
  • Agriculture and Forestry
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Loan Amount (USD)
$ 30.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 60.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Oct 20, 2017

Disclosed by Bank Feb 6, 2017


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Project Description
According to IFC website, the proposed project involves (i) the purchase by National Fisheries Development Ltd. (NFD) of three used large purse seiners, (ii) long term financing for capex and working capital needs for the ongoing operations of NFD’s fishing fleet, and (iii) technical advice on environmental and social best practices under the leadership of CES Advisory. Total project cost is estimated at US$60 million. IFC will provide an A loan and mobilize a Global Agriculture and Food Security Program (GAFSP) loan, in aggregate of up to US$30 million, with IFC/GAFSP’s loan covering 50% of the total Project cost.
Investment Description
  • International Finance Corporation (IFC)
Contact Information
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