A TUNA processing facility which could boost the Solomon Islands economy has stalled due to funding challenges.
Plans for the proposed Bina Harbour tuna processing plant have been completed and presented to Honiara’s Technical Working Group, outlining infrastructure needs and investment levels.
Lisa Sugumanu, TWG Chair Deputy Secretary, Projects, at the Ministry of Fisheries and Marine Resources (MFMR), who also oversees the project, said the projects biggest challenge now was securing financing for the project.
“(We) are in dialogue with several development partners and major tuna plant operators. In addition, it has a Memorandum of Understanding with Kiribati and Tuvalu, which are interested in supplying tuna to Solomon Islands under the East New Britain initiative,” she said
The project would provide substantial economic benefits to Solomon Islands but is dependent on concessional loans and grants because of high construction costs.
The New Zealand Government funded the business case, led by IFC and Castalia Group, with Bina potentially boosting stability and peace, possibly reducing sovereign risk.
Permanent Secretary for Fisheries, Dr Christian Ramofafia, said the ministry had ambitions to devel the project for Malaita and the Solomon Islands.
The port infrastructure features a berth for efficient loading/unloading of fishing and shipping vessels, along with a container and cargo yard.
The tuna processing plant will have infrastructure like a construction pad, access roads, offices, accommodation, utilities, and storage.
The New Zealand Ministry of Foreign Affairs and Trade funds the Bina Harbour Project Office, which has completed the design work for the Solomon Islands Government.