FinDev Canada announces $7.5m support for Africa forestry
The Development Finance Institute Canada Inc., operating under the FinDev Canada brand, has announced a US$7.5 million support for the Africa Forestry Fund II (AFF II).
A press release copied to ghanabusinessnews.com, says the financing is focused on acquiring and developing environmentally-friendly forestry value chain assets across sub-Saharan Africa.
According to the release, AFF II aims to combat the impending shortage of wood and wood products in the region by building profitable forestry enterprises in sub-Saharan Africa while conserving natural forests, enhancing biodiversity, and improving the lives of workers in their respective communities.
It notes further that, the Fund Manager, Criterion Africa Partners (CAP), concentrates on three key areas of the forestry value chain; the acquisition, improvement and rehabilitation of plantations, downstream manufacturing, and biomass energy. They invest in target companies in each of these processes exclusively in Sub-Saharan Africa. All forestry areas are managed to the stringent requirements of the Forest Stewardship Council.
“FinDev Canada is excited to work with a fund that targets a much-needed industry in Africa. Leveraging private capital to find sustainable solutions in Africa’s forestry industry is paramount to its longevity, and to providing reliable employment opportunities to affected communities,” Suzanne Gaboury, Chief Investment Officer at FinDev Canada was quoted as saying.
By Emmanuel K. Dogbevi