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Project Information

Summaries of proposed guarantees are provided prior to Board consideration and final contract signing, and therefore are subject to change. Project briefs are disclosed after contract signing and do not reflect subsequent modifications (e.g., changes in guarantee amount).
Project Name Sierra Fishing Company Limited
Guarantee Holder Sierra Investment Fund LLC
Investor Country Mauritius
Host Country Sierra Leone
Sector Agribusiness
Gross Exposure ($million) 5
Fiscal Year 2009
Status Proposed
Project Number 7834
Environmental Category B
Date SPG Disclosed May 22, 2009
Project Board Date June 11, 2009

Project Description

This summary covers a proposed investment in Sierra Leone by the Sierra Investment Fund LLC (SIF) of Mauritius, via fund manager, Manocap LLC (Manocap). Manocap has applied for a MIGA guarantee of $ 5 million for a period of up to ten years against the risks of transfer restriction, expropriation, and war and civil disturbance.

SIF’s investment will be to acquire Sierra Fishing Company Limited (SFC, or “the Project”) equity, and to finance the modernization and expansion of the firm’s operations.

SFC is a Sierra Leone-based limited liability company engaged in commercial fishing and onshore fish processing activities for the domestic Sierra Leone and regional West African markets.

Environmental Risk and Categorization

The project is a Category B under MIGA’s Policy on Social and Environmental Sustainability because the impacts are limited in number, and mitigation measures are readily identifiable.  The key environmental and social issues are: over-exploitation of fisheries resources (which will require monitoring of all fishing vessels owned and operated by SFC as well as their joint ventures); potential adverse impacts on artisanal fishermen; waste management and worker health and safety for both on-site and off-site facilities.  Construction and rehabilitation activities associated with this investment are expected to be temporary and localized, and will occur within existing facilities.  No significant adverse impacts on workers’ health safety are expected.

Although the investment itself will not cause significant adverse impact on fisheries, cumulative impacts of all fishing activities are considered in the Project’s draft Environmental and Social Impact Assessment Report (ESIA).  The ESIA draft outlines the main areas of intervention required for its mitigation such as governance and management systems; building institutional and infrastructure capacity; policy processes; and, access to markets, etc.  The Project on its own will not be able to remedy the national fisheries management issues of Sierra Leone, however the investor has declared its intention to conduct the Project activities in line with the Sierra Leone national fisheries strategy as well as other sustainable fisheries program initiatives currently underway in the West Africa Region. 

Development Impact

MIGA’s support for this investment is aligned with the World Bank Group’s Country Partnership Strategy for Sierra Leone, particularly with regard to supporting the development of a competitive private sector.

This project involves the acquisition and modernization of an existing commercial fishing operation, and is expected to yield positive developmental impacts with respect to introduction of managerial best practices, operational efficiencies, and quality control processes to the target company, resulting in significant growth in its operations and market reach.

MIGA’s participation in the project is aligned with key agency priorities, which include encouraging investment in post-conflict and IDA-eligible countries. The proposed project would be underwritten through MIGA’s Small Investment Program.

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