A planned tuna processing facility in the Solomon Islands, envisioned to invigorate the local economy, has faced delays primarily due to funding obstacles. The Bina Harbour tuna processing plant project has seen its planning phase completed, with detailed infrastructure requirements and investment levels submitted to Honiara’s Technical Working Group for consideration.
Lisa Sugumanu, the Chair of the Technical Working Group and Deputy Secretary of Projects at the Ministry of Fisheries and Marine Resources (MFMR), highlighted that the key challenge remains securing the necessary financing. Conversations are currently ongoing with various development partners and prominent tuna plant operators. Additionally, the project has formed a Memorandum of Understanding with Kiribati and Tuvalu, which have expressed interest in supplying tuna to the Solomon Islands as part of the East New Britain initiative.
This endeavor holds the promise of significant economic advantages for the Solomon Islands, although its realization hinges on obtaining concessional loans and grants due to the high costs associated with construction. The initial business case for the project was developed with funding from the New Zealand Government and is being led by the International Finance Corporation (IFC) and the Castalia Group. There are hopes that the Bina facility could contribute to stability and peace in the region, thereby diminishing sovereign risk.
Dr. Christian Ramofafia, the Permanent Secretary for Fisheries, reiterated the ministry’s aspirations for the project to not only benefit Malaita but the entire Solomon Islands. The proposed port infrastructure would include a berth designed for the efficient loading and unloading of fishing and shipping vessels, as well as a designated container and cargo yard.
In addition, the tuna processing plant is set to feature a construction pad, access roads, office spaces, accommodation facilities, essential utilities, and adequate storage. The Bina Harbour Project Office, supported by the New Zealand Ministry of Foreign Affairs and Trade, has successfully completed the design work for the Solomon Islands Government, marking a crucial step forward in the project’s development.
The Bina Harbour project, once realized, is expected to be a catalyst for economic growth and regional cooperation, providing crucial job opportunities and supporting the fisheries sector critical to the nation’s development.
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