This investment was made when British International Investment was named CDC Group.
Our investment
Description of the investment.
Description of the investment.
We've invested in the company since 2015, initially providing capital to help the company grow its plantations. Since then, we have made several follow-on investments to further support the company in expanding its plantations and wood processing operations in Ghana and Sierra Leone.
Impact information
Applies to investments made from 2019 onwards. The tabs in this section define what we expect to achieve through the investment, assessing the potential impact of the investment against six dimensions of impact. You can find more details on our methodology of assessing impact here.
Applies to investments made from 2019 onwards. The tabs in this section define what we expect to achieve through the investment, assessing the potential impact of the investment against six dimensions of impact. You can find more details on our methodology of assessing impact here.
What?
Impact |
---|
|
|
How?
How? |
---|
|
Who?
Stakeholder | Geography | Characteristics |
---|---|---|
Employees |
Sierra Leone and Ghana |
Majority of the workforce is low/unskilled (~90 per cent), mostly rural, ~18 per cent female. There are limited formal employment opportunities exist in the areas where Miro operates. |
Planet |
Climate benefits globally, and natural forests locally. |
From 2001 to 2021, Sierra Leone lost 1.82 million hectares of tree cover, equivalent to a 32 per cent decrease in tree cover since 2000, and 867 million tonnes of CO2 equivalent. In the same period, Ghana lost 1.41 million hectares of tree cover, equivalent to a 20 per cent decrease in tree cover since 2000, and 740 million tonnes of CO2 equivalent. |
How much?
Scale | Depth/Duration |
---|---|
Employees: Miro anticipates to employ over 5,000 people by 2030. |
|
Contribution/additionality
Contribution/additionality |
---|
|
Risk
Execution Risk
|
Environmental and social information
-
Environmental and social summary
A high-level description of the environmental and social aspects of the investment. This may include a summary of key environmental and social risks identified during environmental and social due diligence (ESDD); key elements of an environmental and social action plan (ESAP); or ways in which we plan to support the investee improve environmental and social standards, such as through their environmental and social management system (ESMS); as well as any other priority areas agreed with the investee.
-
Environmental and social risk
A risk category rating, which indicates the level of environmental and social risk associated with an investment. For an explanation of the categorisations used, see here. We consistently provide an environmental and social risk category for all investments screened from 2023 onwards.
Environmental and social summary
We continue working with the company to further implement their ESMS, with a focus on strengthening occupational health and safety and stakeholder engagement practices via regular engagement with the environmental and social manager and participation in the ESG committee.
Reporting and Complaints Mechanism
The Reporting and Complaints Mechanism allows anyone outside BII to report alleged breaches of the business integrity or environmental and social provisions of BII’s Policy on Responsible Investing. This includes breaches made by BII, a BII investee, or a portfolio company of a fund in which BII has invested. The Reporting and Complaints Mechanism Rules are available here. Reports and complaints can be submitted by email to [email protected] or by mail. See more details on our Reporting and Complaints Mechanism here.
For any other general enquiries contact us at [email protected]
-
Key facts
- Last updated
When the last quarterly update of the website database occurred.
- June 2024
- Project number
An identifier number shared by investments in the same project.
- D254
- Status
The current status of the investment (green flag for active and red flag for exited).
- Exited
- Region
The geographical region where the country is located. We currently invest in Africa, South Asia, South East Asia and the Caribbean. In 2023, BII’s investment mandate was extended allowing it to invest in regional funds linked to Ukraine, with the majority of activity expected to begin post-war. Investments outside these regions were made prior to 2012 under previous investment mandates.
- West Africa
- Country
The countries where the investment delivers impact. Where impact is delivered in multiple countries, this is indicated.
- Ghana, Sierra Leone
- Sector
We prioritise those sectors that facilitate development and need our capital the most. Our priority sectors contribute towards many of the Sustainable Development Goals. They range from investing in the power infrastructure that will provide people with better access to electricity, to investing in financial institutions that direct capital to the individuals and businesses that need it the most.
- Food & Agriculture
- Investment type :
- Debt
- Start date :
- December 2017
- End date :
- September 2022
- Amount :
- $1m
- Currency of investment :
- USD
- Domicile
The company or investment fund’s place of incorporation.
- United Kingdom
We provide capital in the following ways: directly – through direct equity, direct debt, guarantees and other non-intermediated financial instruments; and indirectly – principally through investment funds.
For direct investments and fund investments, this is the date BII committed capital to the investments. This is typically the date on which legal agreements are signed by all parties.
For the portfolio companies of our fund investments, this is the date (either the month or the quarter) on which the fund committed capital to the portfolio company.
For direct equity investments, this is the date at which British International Investment exited the investment.
For debt investments, this is the date at which the final debt repayment was made.
For funds, this is the date at which the fund was terminated.
For underlying fund investments, this is the date at which the fund manager exited the investment.
The total amount committed, per financial instrument, per investment, on the date BII becomes subject to a binding legal obligation to provide funding or assume a contingent liability. This information is provided in US dollars.
For direct investments, this is the amount that BII has committed to the business or project. For fund investments, this is the amount BII has committed to the fund.
The currency in which the investment was made.
- Last updated
Related investments made by BII into this company:
Investment name | Commitment | Region | Sector | Start date | Status |
---|---|---|---|---|---|
Investment 01 | $4.5m, $10.5m | West Africa | Food & Agriculture | March 2015 | Active |
Investment 03 | $2m | West AfricaWest Africa | Food & Agriculture | April 2018 | Exited |
Investment 04 | $1.66m | West AfricaWest AfricaWest Africa | Food & Agriculture | November 2018 | Active |
Investment 05 | $1.5m | West AfricaWest AfricaWest AfricaWest Africa | Food & Agriculture | November 2019 | Exited |
Investment 06 | $1.05m | West AfricaWest AfricaWest AfricaWest AfricaWest Africa | Food & Agriculture | February 2020 | Exited |
Investment 07 | $9.3m | West AfricaWest AfricaWest AfricaWest AfricaWest AfricaWest Africa | Food & Agriculture | May 2020 | Active |
Investment 08 | $6m | West AfricaWest AfricaWest AfricaWest AfricaWest AfricaWest AfricaWest Africa | Food & Agriculture | October 2022 | Active |
Investment 09 | $-500k | West AfricaWest AfricaWest AfricaWest AfricaWest AfricaWest AfricaWest AfricaWest Africa | Food & Agriculture | November 2023 | Active |