MIRO FORESTRY DEVELOPMENTS LIMITED
Who is our client
Miro is one of the largest forestry plantation companies in West Africa, with currently 10,000 ha planted. Miro develops and manages high quality, cost-competitive, FSC certified, fast growing industrial timber species (mainly: eucalyptus/acacia) and is in the process of setting up the respective downstream production facilities and market entries to capture the maximum value of the wood grown.
To finance the company’s planting area expansion and building its processing capacity
Why we fund this project
Risk capital for forestry is very scarce.
Environmental and social rationale
Miro is a category B+ client. FMO’s preliminary environmental and social due diligence indicates that the investment will have impacts which must be managed in a manner consistent with the following Performance Standards: - PS 1: Assessment and Management of Environmental and Social Risks and Impacts; - PS 2: Labour and working conditions; - PS 3: Resource Efficiency and Pollution Prevention - PS 4: Community Health, Safety and Security; - PS 5 Land Acquisition and Involuntary Resettlement; - PS 6 Biodiversity Conservation; - PS 8 Cultural Heritage. As there are no Indigenous Peoples affected by the project, therefore PS 7 Indigenous People is not applicable. FMO will periodically review the project’s compliance with the Performance Standards.
|Date||Total FMO financing|
|8/28/2020||EUR 0.10 MLN|
|5/20/2020||USD 10.48 MLN|
|5/20/2020||USD 5.00 MLN|
|2/7/2020||USD 1.04 MLN|
|12/18/2018||EUR 0.20 MLN|
- Signing date
- Total FMO financing
- USD 12.60 MLN
- Building Prospects
Risk categorization on environmental and social impacts, A = high risk, B+ = medium high risk, B = medium risk, C = low risk
Environmental & Social Category
(A, B+, B or C)