(Seychelles News Agency) - Luxemburg-based JACCAR Holdings, private investment company of Reunion-born Jacques de Chateauvieux, also ranked 64th richest in France with an estimated wealth of 800 million euros according to Challenges magazine, signed a joint venture agreement with the Seychelles government.

The agreement details a project to build and operate a 425-metre commercial fishing quay at Ile du Port, a man-made island next to the Port Victoria, the main port of the Seychelles capital.

According to a press statement today from the Seychelles Ministry of Finance, Trade and Investment, the shareholders’ agreement was signed in Victoria last week by the Seychelles Minister of Finance, Trade and Investment, Pierre Laporte and Jacques de Chateauvieux, Chairman and Chief Executive Officer of JACCAR Holdings.

"Under the agreement, a Seychelles-based Joint Venture (JV) Company will be created to run the project on a “Build-Operate-Transfer” (BOT) basis. This means that the new company will construct and manage the quay, and transfer it to Government after recovery of the construction cost. The JV will consist of the Société Seychelloise d’Investissement (SSI) on behalf of Government (40%), JACCAR Holdings (40%), and other private Seychellois shareholders (20), " reads the statement.

The quay is expected to cost up to $20 million and will be financed on an 80%-20% debt-equity basis.

"Noting the recent focus of maximizing the potential of Seychelles’ blue economy, this project comes at a crucial time and will bring a significant positive contribution towards our port infrastructure and further development of fisheries industry. The groundbreaking for this project is expected in the second quarter of this year," said the ministry.

JACCAR Holdings includes a portfolio of businesses concentrated on marine and offshore activities, shipbuilding and shop ownership, property development and fishing in Reunion island, an overseas department of France in the Indian Ocean, as well as Vietnam and China. The holding company is the main shareholder of Bourbon as well as Greenship Bulk, Greenship Gas and SAPMER Holdings, as well as a shareholder of the Chinese shipyard Sinopacific Shipbuilding.

The Reunion-based tuna fishing company SAPMER will also build a fish processing and storage facility, also on Ile du Port, which will be developed at the same time as the fishing quay. It currently operates from Reunion island with a fleet of 12 vessels, longliners and tuna purse seiners, making it one of the largest fishing companies of the Indian Ocean region.

According to the Seychelles Fishing Authority, SAPMER has 3 purse seiners licensed to fish in the Seychelles exclusive economic zone, and has said it plans to apply for more licenses in the future.

Port Victoria, the main port of the capital of the Seychelles islands, is one of the business tuna fishing ports in the world, where an average of 200,000 metric tonnes of fish are landed and transhipped every year. Fisheries accounts for an income of $370 million yearly into the Seychelles economy, according to statistics from the Seychelles Fishing Authority.