Sierra Tropical Limited (MIGA-434cf2605a)

Countries
  • Sierra Leone
Where the impacts of the investment may be experienced.
Financial Institutions
  • Multilateral Investment Guarantee Agency (MIGA)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Bank Risk Rating
A
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Oct 26, 2018
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
Dole Asia Holdings Pte. Ltd.
The holder of the loan, grant, or other investment.
Sectors
  • Agriculture and Forestry
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Guarantee
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 37.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Other Related Projects
Primary Source

Original disclosure @ MIGA website

Disclosed by Bank Aug 2, 2018


Contribute Information
Can you contribute information about this project?
Contact the EWS Team

Project Description

According to bank documents, the Project consists of the development of a greenfield agro-industrial operation that will cultivate, harvest and process pineapple for export to throughout the world. The Project has identified potential leasable land in Lugbu Chiefdom, Bo District, for development. Part of this area has already been leased and the remaining area will be leased before the Project moves into commercial planting. Once additional nurseries are launched and the required seeds are produced, commercial planting will begin. Thereafter, commercial harvesting, along with the establishment of a fruit processing facility will commence.

The Project is a Category A under MIGA's Policy on Environmental and Social Sustainability (2013) mainly due to the significant adverse E&S risks impacts that may be diverse and irreversible, which include the contextual risk of the project, the size of land-take and the sector (agri-business). Key environmental and social issues include land acquisition and economic displacement; use and management of pesticides and fertilizers; soil conservation and management; water management; impact on cultural heritage (sacred groves); waste management; occupational health and safety issues during crop production; and risks related to food and beverage processing.

Investment Description
  • Multilateral Investment Guarantee Agency (MIGA)

Dole Asia has applied for MIGA guarantees covering up to US$37 million of equity and shareholder loans investments into the project. The guarantees will have a term of up to 15 years, providing coverage against the risk of expropriation.

Private Actors
Contact Information

*Contact information not provided at the time of disclosure*

ACCOUNTABILITY MECHANISM OF MIGA

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/