16 Aug 2017

Solomons fishing industry gets $US10m boost

9:45 am on 16 August 2017

Solomon Islands' tuna fishing industry is to get a boost with a $US10 million dollar loan from the International Finance Corporation, IFC.

The loan will go towards a new fishing vessel for the company National Fisheries Developments and maintenance of its fleet in Noro.

The IFC's Tom Jacobs said the loan would promote sustainable fishing and employment in the Solomons.

"What we're trying to do with our investment is to promote livelihoods, sustainable livelihoods, for Solomon Islanders and help contribute to the security and sort of equity in the country," Mr Jacobs said.

"And by doing so really help bring some enhanced standards to the operation of the fisheries sector in the country."

He said the IFC would also advise the company on environmental and social standards, particularly around women employees.

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Photo: IFC

In 2013 IFC provided a similar loan to Solomon Islands' canned tuna exporter SolTuna, one of the largest employers in Solomon Islands.

Its sister company National Fisheries Developments is a Honiara-based subsidiary of the Tri Marine Group which is involved in fishing, processing, and selling tuna and other seafood products.