Project detail - MIRO FORESTRY DEVELOPMENTS LIMITED

MIRO FORESTRY DEVELOPMENTS LIMITED

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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.

Funding objective

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.

More investments

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
Region
Africa
Country
Africa
Sector
Energy
Signing date
11/19/2018
Total FMO financing
USD 12.60 MLN
Fund
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)
B+