Miro Forestry Developments Limited
Region and country of operations: Africa, Ghana and Sierra Leone
Jurisdiction of registration: United Kingdom
Business sector: Forestry
Date of agreement (month/year): 10/2022
Finnfund’s financing: USD 6,000,000
Share of Finnfund’s financing: 17%
Size of project/financing: USD 36,000,000
Environmental and social category: B+
Miro Forestry Developments Limited is a forestry company with two subsidiaries in Ghana and Sierra Leone. Miro is a vertically integrated, sustainable forestry and timber products business focused on fast-growing, high-yield plantation timber to produce sawn timber, utility poles and plywood for local and international markets.
Miro has demonstrated competence in land preparation, planting, forestry management and species selection, successfully planting ca. 20,000 hectares.
Finnfund has invested in Miro since 2014. The new funding is deployed to increase Miro’s downstream processing capacity, particularly plywood.
Main development impact
- Significant increase in plywood production, replacing imports
- Support to local economies through rural job creation, local purchases, salaries to local staff, taxes to local governments and benefit-sharing agreements with local communities
- Climate change mitigation and landscape restoration.
Last modified: December 2022