Boosting tuna farming in the Solomons
Fisheries experts say that the Pacific oceans have now reached their maximum yield potential
The International Finance Corporation (IFC) has lent $US10m to SolTuna Ltd in the Solomon Islands to help the nation retain a greater share of its tuna revenues.
Like many smaller island states, up to three quarters of the tuna catch is presently caught by foreign boats under licensing agreements controlled by other countries.
Vipul Prakash, IPC, said that a sustainably managed fishing industry in the Solomons will create more jobs, more food and much needed tax revenues for the nation. “It is a country where almost one in four people live in poverty”, he said.
The money will be used to invest in a wild catch fishery. SolTuna will use the funds to undertake a US$27m upgrade and expansion of its facility in Noro and increase its processing capacity from 90 tonnes per day up to 150 tonnes.
This should allow the company to process to a higher quality securing more income from exports.
Fisheries experts say that the Pacific oceans have now reached their maximum yield potential and that some tuna species are on the decline.
IFC’s Pacific Islands Tuna Sector Advisory Program aims to address these concerns and help the island nations benefit more from their tuna fisheries.