This investment was made when British International Investment was named CDC Group.
We have now exited this investment. This is what we achieved.
Achieved impact
This information will appear shortly
Expected impact
We are investing in Miro Forestry Development to support sustainable forestry and create jobs in Ghana and Sierra Leone. Our capital is helping the company grow its plantations and expand its wood processing operations. We have made multiple follow-on investments, including most recently in June 2025, to help Miro scale up its operations and deepen its impact.
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 |
|---|
Support economic opportunities (SDG 8.5) and contribute to sustainable economic growth (SDG 8.1, 8.2 and 8.4). Climate change mitigation (SDG 13.A) and protection of natural capital (SDG 15.1 and 15.2). |
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How?
| How? |
|---|
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Support employment creation on plantations and in wood processing facilities. Support environmental sustainability through: (1) carbon sequestration through tree planting on degraded land; (2) protecting natural forests by providing an alternative, more sustainable source of local timber; (3) protecting indigenous forests in and around Miro's landholding. |
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. |
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Contribution/additionality
| Contribution/additionality |
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Risk
Execution Risk
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Impact score
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Impact score (at point of investment)
The Impact Score is a tool to help us manage our performance against our strategic impact objectives. It is designed to incentivise investments that support our productive, sustainable, and inclusive objectives. The Impact Score shown is based on the 2022-2026 Impact Score methodology. You can find out more here. The Impact Score is published for investments made from 2022 onwards. The Impact Scores are calculated at the point of investment. We publish the Impact Scores of new investments annually, once the information has been externally assured by an independent third party. |
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10 |
Environmental and social information
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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.
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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]
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Key facts
- Last updated
:
When the last quarterly update of the website database occurred.
- June 2026
- Project number
:
An identifier number shared by investments in the same project.
- D4531
- 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.
- Manufacturing
- Sub sector
:
The sub-sector that the investment is made into; this provides a more granular level of detail than the ‘sector’ information
- Paper & Forest Products
- Investment policy :
- Growth
- Investment type :
- Debt
- Start date :
- February 2020
- 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.
Type of investment portfolio that each investment is made under. Since 2014, we have run two investment portfolios: Catalyst and Growth. In addition, our Kinetic Portfolio enables us to manage concessional investment strategies.
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
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Gender and climate finance facts
- Climate finance
:
Indicates whether the investment is climate finance qualified or partially climate finance qualified and the type of climate finance (adaptation, mitigation or both). We define climate finance using the multilateral development bank (MDB) and the International Development Finance Club (IDFC) Common Principles climate finance methodology. See Common Principles for Climate Mitigation Finance Tracking and Common Principles for Climate Change Adaptation Finance Tracking. We provide the climate finance qualification and type for commitments from 2020 onwards, which is when we launched our Climate Change Strategy.
- Fully qualified
- Climate finance type
:
Mitigation: Indicates investments which, by avoiding or reducing GHG emissions or increasing GHG sequestration, contributes substantially to the stabilisation of GHG concentrations in the atmosphere – at a level which prevents dangerous anthropogenic interference with the climate system consistent with the long-term temperature goal of the Paris Agreement
Adaptation: Indicates investments aimed at preventing or reducing the risks or vulnerabilities posed by climate change and increasing climate resilience. This includes both adapted activities and enabling activities to manage and reduce physical climate risks
Dual: Indicates investments directed towards activities contributing to both climate change mitigation and climate change adaptation and meeting the respective criteria for each category
The climate finance type of the investment is determined at time of commitment.
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- Mitigation
- 2X gender finance
:
Indicates whether the investment is ‘2X qualified’ using the 2X Challenge criteria. You can find out more here. It only applies to investments made from 2018 onwards, when the 2X Challenge was first launched.
- Fully qualified
- Climate finance
Related investments made by BII into this company:
| Investment name | Commitment | Region | Sector | Start date | Status |
|---|---|---|---|---|---|
| Investment 01 | $4.5m, $10.5m | West Africa | Manufacturing | March 2015 | Active |
| Investment 02 | $1m | West Africa | Manufacturing | December 2017 | Exited |
| Investment 03 | $1m | West Africa | Manufacturing | April 2018 | Exited |
| Investment 04 | $1m | West Africa | Manufacturing | July 2018 | Exited |
| Investment 05 | $1.66m | West Africa | Manufacturing | November 2018 | Active |
| Investment 06 | $1.5m | West Africa | Manufacturing | November 2019 | Exited |
| Investment 08 | $50k | West Africa | Manufacturing | May 2020 | Exited |
| Investment 09 | $9.3m | West Africa | Manufacturing | May 2020 | Active |
| Investment 10 | $6m | West Africa | Manufacturing | October 2022 | Active |
| Investment 11 | $-500k | West Africa | Manufacturing | November 2023 | Active |
| Investment 12 | $2.14m | West Africa | Manufacturing | December 2024 | Active |
| Investment 13 | $2.5m | West Africa | Manufacturing | June 2025 | Active |
