MIRO FORESTRY DEVELOPMENTS LIMITED
Who is our client
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.
To fund Miro’s business plan to expand the company’s planting area and to build its processing capacity.
Why we fund this project
Risk capital for forestry is very scarce and FMO is critical to successfully close this fully-funded business plan.
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, 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.
|Date||Total FMO financing|
|8/28/2020||EUR 0.10 MLN|
|5/20/2020||USD 10.48 MLN|
|2/7/2020||USD 1.04 MLN|
|12/18/2018||EUR 0.20 MLN|
|11/19/2018||USD 12.60 MLN|
- Agribusiness, Food & Water
- Signing date
- Total FMO financing
- USD 5.00 MLN
- DFCD Land Use Facility
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)