The U.S. International Development Finance Corporation (DFC) has pledged a $24 million equity investment in Miro Forestry Developments Limited (Miro) to enhance the company’s sustainable forestry and timber processing initiatives on degraded land in West Africa.
This strategic investment aligns with DFC’s commitment to nature-based solutions, establishing the agency as an innovator in the field. Leveraging a diverse toolkit, including political risk insurance, loans, technical assistance, and equity investments, DFC is actively contributing to nature-based solutions as part of its broader efforts to combat climate change, sequester carbon, fortify communities against climate impacts, and safeguard vulnerable ecosystems.
The infusion of funds in Ghana and Sierra Leone is expected to generate employment opportunities, enhance atmospheric carbon sequestration, and foster economic growth in both nations. The commitment was officially acknowledged with a ceremonial signing on the sidelines of COP28, the United Nations’ annual climate change conference. DFC CEO Scott Nathan, Miro CEO Andrew Collins, and CFO Anthony Gaydon participated in the signing event.
DFC CEO Scott Nathan emphasized, “Miro’s dedication to promoting sustainable forestry on previously degraded land aligns with our climate goals, generating economic opportunities, creating jobs, and empowering communities for resilience.”
Anthony Gaydon, Miro Group CFO, expressed enthusiasm about DFC becoming a shareholder in Miro, highlighting DFC’s reputation and quality as an investor in the regions where Miro operates. He stated, “With their capital and support, we can continue to expand Miro, delivering a triple-bottom-line economic, social, and environmental return on investment – for the good of shareholders, the communities in which we work, and the planet.”
Miro, with the backing of DFC, aims to increase its workforce from over 2,500 to more than 3,000. The company has successfully rehabilitated more degraded land to forest than any other group on the African continent, planting over 20 million trees that have sequestered significant amounts of atmospheric carbon, contributing to global climate change mitigation efforts.
DFC’s investment will facilitate the expansion of Miro’s timber manufacturing capabilities, elevating its installed output capacity to 120,000 cubic meters per year. This move positions Miro as one of the largest producers of wood panel products in Africa.
Notably, Miro’s plywood and other timber products hold Forestry Stewardship Council (FSC) certification, representing one of the highest levels of sustainability in the forest industry. Miro distributes its sustainable timber products locally in West Africa and globally to North America, Europe, the Middle East, and other regions, serving large and mid-scale high-quality customers. This contributes significantly to displacing timber products from unsustainable sources.
