WHO IS OUR CLIENT
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.
WHY WE FUND THIS PROJECT
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.
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ACCOUNTABILITY MECHANISM OF FMO
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: https://www.fmo.nl/independent-complaints-mechanism.