(Ecofin Agency) - FinDev, the Canadian financial institution dedicated to the private sector in developing countries, has announced an investment of $12 million in the capital of Miro Forestry Developments, a forest and wood products company operating in Sierra Leone and Ghana.
Welcoming the partnership with FinDev, Andrew Collins, MD of Miro Forestry Development, said the financing will help his company pursue its growth strategy. FinDev's financial support comes at a time when Miro is looking to accelerate its expansion in the West African region, which it considers "one of the most attractive in the world."
Over the past five years, the company co-founded in 2011 by Andrew Collins has sought out international donors, notably British and Dutch development finance institutions, to support its activities and expansion.
The investment announced by FinDev Canada will allow the West African wood producer to expand its forest plantations (currently covering 32,000 hectares) and continue its wood processing operations with the ambition of becoming an integrated and profitable wood products player.
This financing operation for the African forestry sector will help increase wood production and boost the sub-Saharan forestry and wood products industry. For investors, this represents an opportunity to invest in structures committed to exporting to regional and European markets.