MIRO FORESTRY DEVELOPMENTS LIMITED
Status: Approved investmentWhy disclosure?
FMO is committed to making publicly available relevant investment information that informs stakeholders and enables them to engage directly with FMO on its investments which, in turn, enhances our investment decisions, the design and implementation of projects and policies, and strengthens development outcomes. Learn more
In case of questions
In case of questions, please contact us at disclosure@fmo.nl
Disclaimer
The information as disclosed is indicative and provided on an "as-is/as available" basis for general informational purposes only and should not be construed as financial, legal or investment advice, nor as a commitment or an offer to arrange or provide any financing. The final decision to provide financing is subject to the terms and conditions of FMO in its sole and absolute discretion. When providing links to other sites, FMO bears no responsibility for the accuracy, legality or content of the external site or for that of subsequent links. The information on proposed investment for high-risk investments is made available in the language relevant to the country or region where the bulk of operations take place. Translations of any information into languages other than English are intended as a convenience for local stakeholders. In case of any discrepancy, the information provided in English will prevail.
Who is our customer
Miro Forestry Developments Limited is one of the largest forestry companies in West Africa, operating plantations in Ghana and Sierra Leone. Total available land is ~44,000 ha and total planted area is c.16,000 ha. 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 and expanding the respective downstream production facilities and market entries to capture the maximum value of the wood grown.
What is our funding objective?
To fund Miro’s business plan to expand the company’s planting area and to build its processing capacity.
Why do we fund this investment?
Risk capital for forestry is very scarce and FMO is critical to successfully close this fully-funded business plan.
What is the Environmental and Social categorization 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, PS 7 Indigenous People is not applicable. Implementation of mitigation measures were agreed with Miro and are in progress. FMO will periodically review the project’s compliance with the Performance Standards.
More investments
| Date | Total FMO financing |
|---|---|
| 12/6/2021 | EUR 0.03 MLN |
| 8/24/2022 | EUR 0.10 MLN |
| 5/20/2020 | USD 10.48 MLN |
| 9/14/2020 | USD 1.04 MLN |
| 8/24/2022 | EUR 0.20 MLN |
| 9/14/2020 | USD 12.60 MLN |
- Region
- Africa
- Country
- Africa
- Sector
- Agribusiness, Food & Water
- Effective date
- 5/20/2020
- Total FMO financing
- USD 5.00 MLN
- Funding
- LUF
-
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+