CDC Group has invested US$12-million in Miro Forestry, a sustainable forestry and timber business with plantations in Ghana and Sierra Leone. The funding raised is further to the original amount of US$48-million that was provided by other funders to support the planting of an estimated 17,000 hectares (ha) of eucalyptus, teak and acacia plantations across Ghana and Sierra Leone. The additional funding will be used to expand tree plantations to an estimated 25,000ha, making Miro Forestry the largest forestry business in West Africa.
CDC Group is a development finance institution that invests in Africa and South Asia in sectors such as financial services, infrastructure, health, manufacturing, food and agriculture, construction and real estate and education. CDC Group is wholly-owned by the UK Government through the Department for International Development (DFID).