Timber company Miro in Africa receives backing from socially responsible investors
Miro Forestry & Timber Products Expands Plywood Production in West Africa
Miro Forestry & Timber Products, a leading sustainable forestry and plywood manufacturing firm based in West Africa, has announced an expansion of its plywood production operations in Sierra Leone and Ghana. The expansion is made possible by a significant investment round led by impact investor Lagata, along with additional support from three development finance institutions (DFIs): British International Investment, FMO, and Finnfund [1].
With this investment, Lagata becomes Miro's largest shareholder. The firm, which employs over 4,000 people in plantations and associated factories in Sierra Leone and Ghana, produces Forestry Stewardship Council (FSC)-certified hardwood products such as plywood, poles, and sawn timber mainly from eucalyptus, acacia, and gmelina species. These products are primarily exported to markets in Europe and the Middle East [1].
Miro is renowned for its commitment to sustainable forestry in West Africa, particularly for establishing new forest areas on previously degraded lands. The expanded funding will allow the company to scale up production to meet growing export demand. The involvement of European-based impact investors and DFIs aligns with sustainable and responsible investment priorities in forestry [1].
Sydney-based New Forests has also noted the market potential for timber products in Africa, further indicating increasing investor interest in this sector [1]. This investment round reflects the growing investment and market demand for sustainable timber products in West Africa. Miro estimates that, over recent years, it has established more new forest area on previously degraded land in Africa than any other company [1].
This expansion is a significant step forward for Miro, reinforcing its position as a leader in sustainable forestry and timber production in West Africa. The company's commitment to environmental sustainability, combined with its focus on high-quality products and efficient operations, makes it an attractive investment for impact investors and DFIs alike.
References: [1] Miro Forestry & Timber Products. (n.d.). Retrieved from https://www.miroforestry.com/
- Impact investor Lagata, along with development finance institutions (DFIs) like British International Investment, FMO, and Finnfund, have invested significantly in Miro Forestry & Timber Products for blended finance, allowing the company to scale up its plywood production for energy transition and sustainable living.
- As Miro Forestry & Timber Products expands its operations, its focus remains on Forestry Stewardship Council (FSC)-certified hardwood products for home-and-garden purposes, also catering to the demands of businesses in various sectors, including real-estate.
- The investment round, led by Lagata, not only marks Miro as the largest shareholder but also indicates the growing interest among investors in sustainable forestry and timber production as a crucial aspect of their lifestyle and sustainable-living practices.
- With this expansion, Miro Forestry & Timber Products reaffirms its commitment to environmental sustainability and operational efficiency, making it an attractive proposition for those who prioritize impact investing and development finance.
- The combination of technology and sustainable forestry, as shown by companies like Miro Forestry & Timber Products, further demonstrates the potential for fostering responsible business practices while meeting market demands, ultimately driving growth in Africa.
