CDC Group announces Miro Forestry fundraising close
CDC Group, the UK’s publicly owned impact investor, has announced a further $12 million commitment to Miro Forestry, a sustainable forestry and timber business with plantations in Ghana and Sierra Leone. This fundraising round, which includes participation from four other investors, has successfully raised a total of $48 million at close.
This latest investment by CDC builds on an existing commitment which has supported Miro in planting about 17,000 hectares (ha) of FSC approved eucalyptus, teak and acacia plantations, across Ghana and Sierra Leone. CDC’s latest commitment will facilitate Miro Forestry’s plans to reach c.25,000 ha within the next five years, placing the business on track to become the largest sustainable integrated plantation forestry business in West Africa.
Jean-Guillaume Habay, director and head of food and agriculture equity investments, at CDC said, “We feel energised to continue supporting Miro Forestry, in its mission to sustainably meet the demand for timber in West Africa while providing lasting employment to local people. CDC is committed to supporting the business to operate to high sustainability standards that help to combat environmental degradation. The success of Miro’s fundraising round demonstrates a determination from all partner investors to back businesses that are actively combating climate change, helping to enhance the quality of lives of local peoples through job creation and resulting economic growth.”
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