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Possible USD 10 Million Funding For SolTuna

SolTuna Fishing and Processing Ltd in Noro, Western Province, of the Solomon Islands may soon see changes and expansion to its current infrastructures worth USD 10 million (SBD$ 80m).

Under the proposed expansion and upgrade of SolTuna’s tuna processing plant, it would allow the company to increase its current production capacity from 90 metric tonnes per day to 150 metrics tons.

“The International Finance Corporation (IFC), the private sector lending arm of the World Bank Group, is considering an USD 10 million (SBD$ 80m) loan to the company,” a statement from SolTuna said.

SolTuna Limited is the country’s sole tuna processing and canning processor based in Noro, Western province.

As part of the investment review process, the environmental and social aspects of SolTuna’s operation have been assessed.

These include the sustainability of the four target tuna species supplied (or to be supplied) by SolTuna’s primary supplier, NFD; labor and working conditions for SolTuna employees; the proposed upgrades to be financed, including any potential displacement through land-lease or acquisition; emergency preparedness and response systems; monitoring and performance date in terms of environmental, health, safety and social management and management of contractors and suppliers.

The management of SolTuna is calling for comments from the public regarding the expansion of the project.

Reports on environment and social review summary on the proposed project are available at the office's head office in both Honiara and Noro for interested people.