• Rwanda
Where the impacts of the investment may be experienced.
Financial Institutions
  • Netherlands Development Finance Company (FMO)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Bank Risk Rating
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 28, 2016
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.
New Forest Company
The holder of the loan, grant, or other investment.
  • Agriculture and Forestry
  • Climate and Environment
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
$ 1.50 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Primary Source

Original disclosure @ FMO website

Updated in EWS Apr 9, 2018

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Project Description


FMO and Finnfund have signed a shared USD15 million (USD7.5 million each) senior loan to support New Forests Rwanda (NFR), a subsidiary of New Forests Company Holdings Ltd. The new funding for NFR will go towards the development of a plantation in a concession located around the Nyungwe National Park (NNP), and will support NFR's core business, transmission poles and building up a sawn timber market.


Funds from IDF will be used for capex, refinancing existing shorter term debt, working capital and includes a USD5 million contingency facility. New Forests Company Holdings (NFCH) will provide an additional USD2 million funding if the contingency facility is triggered.


The project is fully in line with FMO's doubling impact, halving footprint strategy with significant positive impact on GHG emissions through reforestation and protection of the 900 km2 NNP. The Project also facilitates GoR's rural electrification infrastructure (Access to Energy) roll-out with significant employment creation through a smallholder roll-out strategy. NFCH Group has clear, long term sustainable development objectives in the forestry sector in East Africa, with a good track record, focus on cash flow and a robust/tested ESG management system.

Investment Description
  • Netherlands Development Finance Company (FMO)
Contact Information

South Africa
+27 11 507 2500



Communities who believe they will be negatively affected by a project funded by the Dutch Development Bank (FMO) may be able to file a complaint with the Independent Complaints Mechanism, which is the joint independent accountability mechanism of the Dutch Development Bank (FMO) and the German Investment Corporation (KfW) . A complaint can be filed in writing, by email, post, or online. The complaint can be filed in English or any other language of the complainant. The Independent Complaints Mechanism is comprised of a three-member Independent Expert Panel and it can provide either problem-solving, compliance review or both, in either order. Additional information about this accountability mechanism, including a guide and template for filing a complaint, can be found at: