This summary covers an investment by Dole Asia Holdings Pte. Ltd., a Singapore incorporated company, into the project enterprise incorporated in Sierra Leone, Sierra Tropical Limited.
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.
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.
*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/