West Africa: FinDev Canada invests $12m in forestry company
FinDev Canada has announced a $12 million investment in Miro Forestry Developments Ltd., a West African forest wood products company with plantations in Ghana and Sierra Leone. The funding will allow the company to expand its forest plantations and industrial wood processing activities, which will promote job creation and local community development.
Founded in 2011, Miro is one of the leading integrated forest and wood products companies in West Africa. Its plantations cover approximately 32,000 hectares of land and it has planted more than 17 million trees. The company is focused on the production of sawn lumber, utility poles, plywood and energy biomass produced from fast growing, high yielding FSC certified trees for local and international markets.
“Sustainable forestry seeks to achieve a balance between economic growth and climate change mitigation; two of our main development impact goals. By supporting Miro Forestry, we want to help conserve forests that will provide a livelihood for generations to come,” said Paulo Martelli, VP investments at FinDev Canada. “Our funding, combined with the participation of other investors, will contribute to stronger local economies and significant improvements in reforestation and restoration of biodiversity.”
Andrew Collins, CEO of Miro, spoke about the transaction, “We are delighted that FinDev Canada is investing in the business. FinDev Canada is a strong partner and we look forward to growing Miro with their support.
”While maintaining the quality of our plantations, we are now set on rapidly expanding our wood processing operations to become a vertically integrated and profitable wood products company firmly focused on plywood for local, regional and local markets. export. This is a particularly important goal, as Miro’s overall success will be critical for the sub-Saharan sustainable forestry and wood products industry. This industrial sector requires more investment in successful operators who produce certified wood products with a view to achieving sustainable economic performance, industrial development and trade balance in the region, which remains one of the most attractive in the world.”
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